Risk Management in Railways Construction Investments: A Case Study of China-Pakistan Economic Corridor (CPEC) ML-1 Project

Railway projects are incredibly costly due to their complex nature. This study performs risk analysis and management of Pakistan railways ML-1 project expansion and upgradation that will be undertaken at US$6.8 billion under the China-Pakistan Economic Corridor (CPEC). The risks were identified based on an extensive literature review and their relevance to the CPEC. We employed fuzzy set theory (integrated with the risk severity index) to obtain the most severe risks. The novelty of this study is the technique employed to analyse and rank the risk, also there are no previous studies conducted that emphasized the construction risk of railway projects in Pakistan. The study is useful for all stakeholders of the project, as it can plan for them to tackle these risks and implement ML-1 successfully.