Evaluation of Risk Indexes that Affect the Cost of the Under-Construction Infrastructure Project “Extension of the New Ring of Tirana—Phase 2”

The identification and the assessment of risks, especially during the initial stages of a project’s execution, based on the probability methods, analyzing the historical data and the questionaries addressed to the stakeholders, would enable their avoidance or reduction of the impact, for each project objective in terms of cost, time, quality, safety and environment. Using the data gathered from the field and the information provided from project files, we will conduct a risk analysis to determine the risk indexes and define which risk affects the most the costs of the under-construction infrastructure project “Extension of the New Ring of Tirana—Phase 2”, located in a populated area in Tirana. The calculation and evaluation of the risk indexes (Ri) of an infrastructure project take into consideration: the size of the project, the value of the contract, the type of construction processes, the geographical position of the project, and the stakeholder capacity. The purpose of the quantitative risk analysis procedure carried out in this paper is to assess the risk’s impact separately and their cumulative effect on project costs, to make necessary adjustments to the project parameters.