IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i23p13085-d688365.html
   My bibliography  Save this article

Method of Assessing the Risk of Implementing Railway Investments in Terms of the Cost of Their Implementation

Author

Listed:
  • Jan Kowalski

    (Institute of Civil Engineering, Warsaw University of Life Sciences, Nowoursynowska 159 St., 02-776 Warsaw, Poland)

  • Mieczysław Połoński

    (Institute of Civil Engineering, Warsaw University of Life Sciences, Nowoursynowska 159 St., 02-776 Warsaw, Poland)

  • Marzena Lendo-Siwicka

    (Institute of Civil Engineering, Warsaw University of Life Sciences, Nowoursynowska 159 St., 02-776 Warsaw, Poland)

  • Roman Trach

    (Institute of Civil Engineering, Warsaw University of Life Sciences, Nowoursynowska 159 St., 02-776 Warsaw, Poland)

  • Grzegorz Wrzesiński

    (Institute of Civil Engineering, Warsaw University of Life Sciences, Nowoursynowska 159 St., 02-776 Warsaw, Poland)

Abstract

Exceeding the approved budget is often an integral part of the implementation of construction projects, especially those where unforeseen threats may occur. Therefore, each construction investment should contain elements of risk forecasting, mainly in terms of the cost of its implementation. Only a small number of institutions apply effective cost control methods, taking into account the specifics of a given industry. Especially small construction companies that participate in the structure of the implementation of large construction projects as subcontractors. The article presents a method by which it is possible to determine, with certain probability, the final cost of railway construction investments carried out in Poland. The method was based on a reliable database of risk factors published in sources. In this article, the main presumptions of the original method are presented, which take into account the impact of potential, previously recognized, risks specific to railway investments, and enable project managers to relate them to the conditions where the implementation of a specific object is planned. The authors assumed that such a relatively simple method, supported by a suitable computational program, would encourage teams that plan to implement railway projects to use it and increase the credibility of their schedules.

Suggested Citation

  • Jan Kowalski & Mieczysław Połoński & Marzena Lendo-Siwicka & Roman Trach & Grzegorz Wrzesiński, 2021. "Method of Assessing the Risk of Implementing Railway Investments in Terms of the Cost of Their Implementation," Sustainability, MDPI, vol. 13(23), pages 1-11, November.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:23:p:13085-:d:688365
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/23/13085/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/23/13085/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Youzhi Zeng & Bin Ran & Ning Zhang & Xiaobao Yang, 2021. "Estimating the Price Elasticity of Train Travel Demand and Its Variation Rules and Application in Energy Used and CO 2 Emissions," Sustainability, MDPI, vol. 13(2), pages 1-19, January.
    2. Eva Brumercikova & Bibiana Bukova & Eva Nedeliakova, 2020. "A Proposal for the Account-Based Ticketing Application in Passenger Transport in the Slovak Republic: A Case Study," Sustainability, MDPI, vol. 12(14), pages 1-13, July.
    3. Jelena M. Andrić & Jiayuan Wang & Ruoyu Zhong, 2019. "Identifying the Critical Risks in Railway Projects Based on Fuzzy and Sensitivity Analysis: A Case Study of Belt and Road Projects," Sustainability, MDPI, vol. 11(5), pages 1-18, March.
    4. Dariusz Szmel & Wiesław Zabłocki & Przemysław Ilczuk & Andrzej Kochan, 2019. "Method for Selecting the Safety Integrity Level for the Control-Command and Signaling Functions," Sustainability, MDPI, vol. 11(24), pages 1-15, December.
    5. Eva Nedeliakova & Maria Hudakova & Matej Masar & Lenka Lizbetinova & Renata Stasiak-Betlejewska & Peter Šulko, 2020. "Sustainability of Railway Undertaking Services with Lean Philosophy in Risk Management—Case Study," Sustainability, MDPI, vol. 12(13), pages 1-28, June.
    6. Roman Trach & Yuliia Trach & Marzena Lendo-Siwicka, 2021. "Using ANN to Predict the Impact of Communication Factors on the Rework Cost in Construction Projects," Energies, MDPI, vol. 14(14), pages 1-15, July.
    7. Huihua Chen & Hujun Li & Yige Wang & Baoquan Cheng, 2020. "A Comprehensive Assessment Approach for Water-Soil Environmental Risk during Railway Construction in Ecological Fragile Region Based on AHP and MEA," Sustainability, MDPI, vol. 12(19), pages 1-17, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Roman Trach & Galyna Ryzhakova & Yuliia Trach & Andrii Shpakov & Volodymyr Tyvoniuk, 2023. "Modeling the Cause-and-Effect Relationships between the Causes of Damage and External Indicators of RC Elements Using ML Tools," Sustainability, MDPI, vol. 15(6), pages 1-16, March.
    2. Roman Trach & Victor Moshynskyi & Denys Chernyshev & Oleksandr Borysyuk & Yuliia Trach & Pavlo Striletskyi & Volodymyr Tyvoniuk, 2022. "Modeling the Quantitative Assessment of the Condition of Bridge Components Made of Reinforced Concrete Using ANN," Sustainability, MDPI, vol. 14(23), pages 1-19, November.
    3. Jan Kowalski & Marzena Lendo-Siwicka & Grzegorz Wrzesiński & Roman Trach, 2023. "Verification of Performance Standards for Construction Equipment in Terms of CO 2 Emissions," Sustainability, MDPI, vol. 15(21), pages 1-10, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nerdjes Bennani & Samy Mezhoud, 2023. "Risk assessment of several hazards along railway network using AHP incorporated into GIS," Technium Social Sciences Journal, Technium Science, vol. 39(1), pages 452-464, January.
    2. Agnieszka Bekisz & Magdalena Kowacka & Michał Kruszyński & Dominika Dudziak-Gajowiak & Grzegorz Debita, 2022. "Risk Management Using Network Thinking Methodology on the Example of Rail Transport," Energies, MDPI, vol. 15(14), pages 1-19, July.
    3. Roman Trach & Galyna Ryzhakova & Yuliia Trach & Andrii Shpakov & Volodymyr Tyvoniuk, 2023. "Modeling the Cause-and-Effect Relationships between the Causes of Damage and External Indicators of RC Elements Using ML Tools," Sustainability, MDPI, vol. 15(6), pages 1-16, March.
    4. Roman Trach & Oleksandr Khomenko & Yuliia Trach & Oleksii Kulikov & Maksym Druzhynin & Nataliia Kishchak & Galyna Ryzhakova & Hanna Petrenko & Dmytro Prykhodko & Olha Obodіanska, 2023. "Application of Fuzzy Logic and SNA Tools to Assessment of Communication Quality between Construction Project Participants," Sustainability, MDPI, vol. 15(7), pages 1-17, March.
    5. Qian Luo & Guohua Fang & Jian Ye & Min Yan & Chengxuan Lu, 2020. "Country Evaluation for China’s Hydropower Investment in the Belt and Road Initiative Nations," Sustainability, MDPI, vol. 12(19), pages 1-19, October.
    6. Tomasz Krukowicz & Krzysztof Firląg & Józef Suda & Mirosław Czerliński, 2021. "Analysis of the Impact of Countdown Signal Timers on Driving Behavior and Road Safety," Energies, MDPI, vol. 14(21), pages 1-33, October.
    7. Yuliia Trach & Roman Trach & Marek Kalenik & Eugeniusz Koda & Anna Podlasek, 2021. "A Study of Dispersed, Thermally Activated Limestone from Ukraine for the Safe Liming of Water Using ANN Models," Energies, MDPI, vol. 14(24), pages 1-14, December.
    8. Mohammad Ajmal Nikjow & Li Liang & Xijing Qi & Samad M. E. Sepasgozar & Nicholas Chileshe, 2021. "Triggers of Delays in International Projects Using Engineering Procurement and Construction Delivery Methods in the Belt and Road Initiative: Case Study of a High-Speed Railway Projects," Sustainability, MDPI, vol. 13(17), pages 1-21, August.
    9. Juraj Čamaj & Eva Brumerčíková & Michal Petr Hranický, 2020. "Information System and Technology Optimization as a Tool for Ensuring the Competitiveness of a Railway Undertaking—Case Study," Sustainability, MDPI, vol. 12(21), pages 1-23, October.
    10. Roman Trach & Victor Moshynskyi & Denys Chernyshev & Oleksandr Borysyuk & Yuliia Trach & Pavlo Striletskyi & Volodymyr Tyvoniuk, 2022. "Modeling the Quantitative Assessment of the Condition of Bridge Components Made of Reinforced Concrete Using ANN," Sustainability, MDPI, vol. 14(23), pages 1-19, November.
    11. Imran Yusoff & Boon-Kwee Ng & Suzana Ariff Azizan, 2021. "Towards sustainable transport policy framework: A rail-based transit system in Klang Valley, Malaysia," PLOS ONE, Public Library of Science, vol. 16(3), pages 1-30, March.
    12. Grażyna Rosa, 2021. "Passenger Preferences in Rail Transport in Poland as Regards Travelling Time and Cost," Sustainability, MDPI, vol. 13(9), pages 1-16, April.
    13. Benz, Lukas & Münch, Christopher & Hartmann, Evi, 2021. "Fuzzy-based decision analysis on Arctic transportation: A guidance for freight shipping companies," Chapters from the Proceedings of the Hamburg International Conference of Logistics (HICL), in: Jahn, Carlos & Kersten, Wolfgang & Ringle, Christian M. (ed.), Adapting to the Future: Maritime and City Logistics in the Context of Digitalization and Sustainability. Proceedings of the Hamburg International Conf, volume 32, pages 375-400, Hamburg University of Technology (TUHH), Institute of Business Logistics and General Management.
    14. Ioannis-Dimosthenis Ramandanis & Ioannis Politis & Socrates Basbas, 2020. "Assessing the Environmental and Economic Footprint of Electronic Toll Collection Lanes: A Simulation Study," Sustainability, MDPI, vol. 12(22), pages 1-25, November.
    15. Yujuan Zhai & Libo Hao & Yanhong Zhang & Ye Li & Zhaoli Liu, 2021. "Wetland Biodiversity Disturbance Evaluation Induced by a Water Conservancy Project in the Flooded Plain of the Huolin River Lower Reaches," Sustainability, MDPI, vol. 13(8), pages 1-17, April.
    16. Roman Trach & Yuliia Trach & Agnieszka Kiersnowska & Anna Markiewicz & Marzena Lendo-Siwicka & Konstantin Rusakov, 2022. "A Study of Assessment and Prediction of Water Quality Index Using Fuzzy Logic and ANN Models," Sustainability, MDPI, vol. 14(9), pages 1-19, May.
    17. Jiskani, Izhar Mithal & Cai, Qingxiang & Zhou, Wei & Lu, Xiang, 2020. "Assessment of risks impeding sustainable mining in Pakistan using fuzzy synthetic evaluation," Resources Policy, Elsevier, vol. 69(C).
    18. Hui Shi & Zhen You & Zhiming Feng & Yanzhao Yang, 2019. "Numerical Simulation and Spatial Distribution of Transportation Accessibility in the Regions Involved in the Belt and Road Initiative," Sustainability, MDPI, vol. 11(22), pages 1-14, November.
    19. Emese Tokarcikova & Alzbeta Kucharcikova & Patricia Janosova, 2022. "The Relationship between Environmental and Economic Aspects for Measuring the Sustainability of the Enterprise: A Case Study of Slovak Manufacturing Enterprises," IJERPH, MDPI, vol. 19(13), pages 1-13, June.
    20. Zuzanna Zaporowska & Marek Szczepański, 2022. "Exploration of Lean Management Methods Used in Shared Services Centers, Drivers and Barriers to Process Selection for Improvements in the Light of Risk Management and ESG Reporting," Sustainability, MDPI, vol. 14(8), pages 1-20, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:23:p:13085-:d:688365. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.