Road construction projects (RCPs) are associated with inherent risks and uncertainties due to the involvement of several contracting parties that include but are not limited to clients, consultants, contractors, subcontractors and suppliers. A quantitative research design was deployed, using the Monte Carlo simulation (MCS) approach to assess risks from 55 RCPs whilst capturing uncertainty related to risks. Findings reveal significant operational, technical, managerial and governance‐related risks, aggravated by a lack of formal risk management and communication issues. Key risks include design variations leading to cost fluctuations, inaccurate cost and duration estimates, equipment shortages and delayed client payments, all contributing to project delays and financial disputes. Effective contract management is emphasised as vital, despite challenges including late material deliveries. Recommendations stress the importance of accurate project scope assessment, securing project financing and selecting contractors based on expertise rather than cost alone. Enhanced supervision, joint inspections and clear communication are advocated to improve project management. A long‐term policy on establishing ethical guidelines and an efficient dispute resolution mechanism is also suggested to mitigate delays and improve project outcomes. Additionally, contingency planning for adverse weather and the adoption of continuous improvement practices are recommended to bolster the construction process. Therefore, implementing the MCS offers considerable advantages, yielding a range of possible outcomes by varying uncertain factors. MCS functions as a robust decision‐making approach for risk assessment, allowing for the development of proactive safety strategies and preventive measures. Practical implications suggest that project managers should prioritise all risks with high frequencies.
Luhida et al. (Thu,) studied this question.