Abstract
The Belt and Road Initiative (BRI) is a Chinese development strategy developed in order to establish connectivity and deepen cooperation between China and other countries, increase trade, and support the socio-economic development of vast regions. A significant number of railway projects are planned to be constructed under BRI since railways are the most efficient means of transportation. This paper investigates the critical risks in railway projects implemented under BRI. In total, 24 potential risks in BRI railway projects are identified and categorized into 6 groups. A questionnaire survey is conducted in order to collect data about the probability of risk occurrence and their impact. To identify the critical risks in railway projects, a novel method based on fuzzy and sensitivity analysis is developed and applied for risk assessment. This method uses a fuzzy synthetic evaluation approach to assess risks and sensitivity analysis as criteria for critical risk identification. The results show that the most critical risks in railway projects are changes in design, design errors, cooperation between China and BRI country, loan risk, complex geological conditions of terrain, and geopolitical risk. The theoretical contribution of this paper is a novel method which combines fuzzy and sensitivity analysis into a single approach.
Highlights
Belt and Road Initiative (BRI) is a Chinese development strategy with the focus on strengthening the connectivity and cooperation between China and BRI countries in order to sustain economic growth, create closer economic ties, deepen cooperation, and expand development of vast regions in Asia, Europe, and Africa [1]
Railway projects implemented under BRI are of international importance for China but for all countries on the Silk Road railway route
There is a need for effective risk assessment of BRI railway projects in order to identify the critical risks and successfully manage them
Summary
Belt and Road Initiative (BRI) is a Chinese development strategy with the focus on strengthening the connectivity and cooperation between China and BRI countries in order to sustain economic growth, create closer economic ties, deepen cooperation, and expand development of vast regions in Asia, Europe, and Africa [1]. The focus of the Silk Road Economic Belt is on building economic corridors based on the existing international transport routes; keep the interrelation centers and major industrial parks. The emphasis is opening fast, secure, and efficient transport routes connecting major seaports in Southeast Asia, South Asia, Middle East, Africa, and Europe with China. After BRI was launched by Xi Jinping, it has attracted a lot of attention and interest in the World, especially in the political and business circles. This great undertaking is beneficial for people, countries, and nations along the route. The focus of this study is railway projects, which are planned to be constructed under BRI
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
