| Title | The significance of risk identification and quantification during the preparation, contracting and implementation of smart cities projects |
|---|---|
| ID_Doc | 44666 |
| Authors | Vasicek, D; Juricic, D; Marenjak, S |
| Title | The significance of risk identification and quantification during the preparation, contracting and implementation of smart cities projects |
| Year | 2020 |
| Published | |
| Abstract | Smart cities projects, as with any investment, carry a series of risks stemming from internal and external factors. Risk materialization throughout the lifecycle of a project determines the efficiency of a project, i.e., the degree to which goals are achieved as defined at the beginning of the project. Accordingly, procedures for identifying (defining individual risks) and quantifying (determining the financial value of the risk) are particularly important for proper preparation of a smart city project. These projects, unlike other public projects in the area of social and economic infrastructure, where historical data exists and which can be used to determine the likelihood of risk distribution, are characterized by a lack of data and a relatively "wider" distribution of probability. This article defines the role and significance in the process of risk quantification using practical examples, and proposes a method for deriving the cost (income) and risk from probability distribution risks when contracting smart city projects, and when the project is procured by a traditional or alternative procurement model such as public-private partnership. |
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