Identifying the Key Risk Factors of Mega Infrastructure Projects from an Extended Sustainable Development Perspective

Dynamic Network Analysis of the Risks of Mega Infrastructure Projects from a Sustainable Development Perspective

Mega infrastructure projects (MIPs) are exposed to numerous interdependent risks of various natures which pose difficulties in risk management. Thus far, the research on the risk interactions of MIPs has been focused on developing static risk networks within a single category of risks, at certain stages of the project. It is essential to understand the risk interactions at various stages of MIPs to identify the key risks and key risk relationships that jeopardise their success. This is especially relevant nowadays, as MIPs are expected to be delivered sustainably. Therefore, to analyse the dynamic risk interaction of MIPs, initially, through literature analysis and expert interviews, combined with the four dimensions of sustainable development and the four stages of MIPs, 98 risk factors of MIPs were identified. Subsequently, semi-structured interviews were conducted to determine risk relationships and weights. Risk networks were developed for each stage of MIPs, and improved social network analysis was applied to these risk networks. Finally, the key risks and key risk relationships in each stage of MIPs were identified by analysing the changes of multi-level network indicators. This aided in determining risk control strategies. The results demonstrate that the key risks and key risk relationships are different for each stage of MIPs. Furthermore, the risks of different dimensions of sustainable development have different relationships at different stages. This research is the first to identify the risk relationships involved in MIPs by taking into consideration the whole project life cycle and its sustainable development. This research provides theoretical support for the risk management of MIPs, and strategic suggestions for controlling the risks at each stage of the project.