Authors: Themistoklis Oikonomou; Giannis T. Tsoulfas
Addresses: School of Social Sciences, Hellenic Open University, 57-59 Bouboulinas St., 26222, Patras, Greece ' School of Social Sciences, Hellenic Open University, 57-59 Bouboulinas St., 26222, Patras, Greece
Abstract: This paper deals with risk management in a major highway construction project in progress, that of the design, construction, operation, maintenance and exploitation of the Elefsina-Korinthos-Patra-Pyrgos-Tsakona ('Olympia Odos') motorway in Greece, a collaboration between the Greek State and a private concessionaire. The contract between those stakeholders is analysed in order to identify possible foreseen and unforeseen risks to the project. Then, with the help of an expert panel, those risks are assessed and categorised in probability-versus-impact matrices. Also, as the project is currently stalled due to several reasons, another objective of the paper is to pinpoint the risks responsible for that problem, which require particular attention in order for the project to resume. Finally, this paper detects possible bias in the various points of the contract in favour of the Greek State or the concessionaire.
Keywords: highway construction; construction projects; joint ventures; risk management; risk probability; risk impact; expert panel; questionnaire; contract bias; contract analysis; road construction; motorway construction; Greece; risk assessment; project management.
International Journal of Decision Sciences, Risk and Management, 2014 Vol.5 No.4, pp.311 - 349
Received: 19 Jun 2014
Accepted: 04 Dec 2014
Published online: 18 Mar 2015 *