Assessment of Risks in Fast Track Projects: A Qualitative Case Study Approach
Keywords:
Risk Management, Fast Track Projects, Framework, Case Study, Risk Assessment.Abstract
The primary objective of this research is to identify and analyze the risks that occur in the fast-track projects, utilizing the "Islamabad Metro Bus Project" as a case study. In fast-track projects, there is an over-lapping of design, procurement, and construction phases, leading to many risky events. Risk assessment deals with developing a plan for proper risk management in such projects. Formal application of project risk management (PRM) in fast-track projects is still a developing part of project management. PRM is the process of identifying, analyzing, and responding to risky events. The purpose is to increase the likelihood of success in a fast-track project by minimizing unexpected events. This paper interprets the related literature and catches the outlook from relevant experts. It identifies elements needed for structuring the PRM process and suggests mitigation actions for high-ranked risks. For practical validation, a case study is conducted. Unavailability of funds and design errors are considered as utmost critical risks of the project. Effective risk identification followed by analysis validates the efficiency of the proposed PRM plan for fast-track projects.
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