Abstract
To cope with the complexity and dynamic characteristic of risks in PPP infrastructure projects, this paper attempts to incorporate the notion of vulnerability into traditional risk process. The fundamental definitions and framework of risk vulnerability process for PPP infrastructure projects are proposed to describe the formation mechanism of risks, by which a generic methodology is derived to quantify the vulnerability and the risks in PPP projects. Integrated vulnerability management into risk management process may help the decision maker to identify the weakness of a project system and take action to mitigate identified vulnerabilities aiming to reduce the risk consequence.
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