Artificial intelligence in risk management system on infrastructure projects

Abstract

Infrastructure projects are crucial elements of the way we perceive the world we live in – they are pillars of economy and society development. In order for them to be carriers of change, they are ought to fulfil their goals successfully. With the rise of complexity of project endeavours, uncertainty to accomplish them successfully rises, too. Therefore, risk management, with the aim to identify, analyse, respond, monitor and control potential unfavourable events on projects, has an even more important role in complex environment such as infrastructure projects are. In order to contribute to todays’ state-of-the-art risk management dealing with infrastructure projects, but also to identify the most crucial risks and the way project managers could deal with them, this research was conducted. Research sample consisted of EU co-financed infrastructure projects portfolio in water sector. First, risks were identified and analysed by project managers. Then, the most critical risks and response strategies were identified for the whole portfolio. Afterwards, artificial intelligence was also engaged in order to formulate adequate risk response strategies. Both PM expert and AI strategies were overlapped, and adequate conclusions were made, in order to contribute to more efficient implementation of risk management procedures on projects