Risk management: Where are the greatest risks in the airport development lifecycle and what factors should be front of mind?

Abstract

Airports continue to be built or expanded around the world in order to match capacity to the continuous growth of demand for air transportation. Constructing and delivering an airport is no easy task, however. The complexity, sheer size and budget of such an endeavour put this type of project in the category of a mega project — and, consequently, in the category of a risky business. Risk, however, is manageable. The key to succeeding in managing uncertainty and its potential consequences is to understand what the greatest risks are in an airport development project — and, specifically, where they are in each stage of the project’s life cycle — and then address them with best business and project management practices. In doing so, three major risk factors — systems integration, project interface management and people and operational readiness — require more attention and specific approaches.