Risk Analysis, Assessment, and Management of Polymer-Modified Thin-Layer by a Failure Mode and Effects Analysis Method

As part of the project management process, risk management is of great importance in all projects. It is also essential to identify all potential risks regardless of their impact on the calculations or events. Any of the three main objectives in a construction project, namely the cost, time, and quality, may be exposed to risk and uncertainty. Project risks include unknown possible incidents with positive or negative consequences for project goals and detectable causes and effects with direct impact on cost, time, and quality objectives. Several studies have addressed risk management in urban highway pavement projects. These projects play a key role in the aesthetics of a city and improving the satisfaction of citizens. This issue has received much attention in recent years, which translates into the allocation of the largest portion of highway construction and maintenance budget to pavement projects. Accordingly, the present study aims to analyze and assess risks in urban highway pavement maintenance projects. Following a brief discussion on EPC contracts, a model is presented for carrying out the risk management process in EPC contracts for urban highway maintenance in compliance with the Project Management Body of Knowledge (PMBOK) based on experience from past projects and the views of authorities, managers, and experts collected and analyzed by questionnaire and interview. Further, seven critical risks in EPC projects were identified and addressed and potential solutions were recommended.