Analyzing the Risks in Highway Projects Using the Markov Chain Approach

Abstract

Theissuesassociatedtohighwayprojectsusuallyaffectaspectslikenatureoftheproject,costandtime. Riskeventsthatarenotusualalwaysgiverisetopositiveornegativefeedbackandnormallycausevariationsfrom project designs especially inclined to risk construction projects. However, more investigations have been done on riskmanagementassociatedtohighwayprojects,thereislimitedliteraturemoresototheriskoftheproject.These projectscanbeoverseenundersomedubiousconditionbyapplyingtheriskmanagementtechnique.Theaimofthis research was to demonstrate pertinence of the Markov Chain approaches in diminishing the risks of the highway projectsbyutilizationofdatafromtheprojects.OtherCommonlyutilizedproceduresdon'tinvestigatepotentialrisks successfully and subsequently the utilization of Markov chains. This project has made utilization of the Markov chainproceduretoevaluatetheshortandlong-termpotentialrisks.Thisresearchprojectutilizedriskdataacquired fromexpertsthroughquestionnaires.ThedatawasthenanalyzedutilizingtheOctavesoftware.