<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Railway projects are incredibly costly due to their complex nature. This study performs risk analysis and management of Pakistan railways ML-1 project expansion and upgradation that will be undertaken at US$6.8 billion under the China-Pakistan Economic Corridor (CPEC). The risks were identified based on an extensive literature review and their relevance to the CPEC. We employed fuzzy set theory (integrated with the risk severity index) to obtain the most severe risks. The novelty of this study is the technique employed to analyse and rank the risk, also there are no previous studies conducted that emphasized the construction risk of railway projects in Pakistan. The study is useful for all stakeholders of the project, as it can plan for them to tackle these risks and implement ML-1 successfully.</p>
</abstract>

Railway projects are incredibly costly due to their complex nature. This study performs risk analysis and management of Pakistan railways ML-1 project expansion and upgradation that will be undertaken at US$6.8 billion under the China-Pakistan Economic Corridor (CPEC). The risks were identified based on an extensive literature review and their relevance to the CPEC. We employed fuzzy set theory (integrated with the risk severity index) to obtain the most severe risks. The novelty of this study is the technique employed to analyse and rank the risk, also there are no previous studies conducted that emphasized the construction risk of railway projects in Pakistan. The study is useful for all stakeholders of the project, as it can plan for them to tackle these risks and implement ML-1 successfully.

Risk Management in Railways Construction Investments: A Case Study of China-Pakistan Economic Corridor (CPEC) ML-1 Project

Fahad Bin Sultan University P.O. Box 15700

Transport and Telecommunication Journal

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Railway projects are incredibly costly due to their complex nature. This study performs risk analysis and management of Pakistan railways ML-1 project...

Risk Management in Railways Construction Investments: A Case Study of China-Pakistan Economic Corridor (CPEC) ML-1 Project

Published Online: Apr 23, 2024

Page range: 187 - 199

DOI: https://doi.org/10.2478/ttj-2024-0014

Keywords
Risk management, Railways projects, Fuzzy Set, ML-1, CPEC

© 2024 Yousaf Ali et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Risk Management in Railways Construction Investments: A Case Study of China-Pakistan Economic Corridor (CPEC) ML-1 Project

Published Online: Apr 23, 2024

Page range: 187 - 199

DOI: https://doi.org/10.2478/ttj-2024-0014

KeywordsRisk management, Railways projects, Fuzzy Set, ML-1, CPEC

© 2024 Yousaf Ali et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

Keywords
Risk management, Railways projects, Fuzzy Set, ML-1, CPEC