earticle

영어

The present study aimed to identify the risk factors in the operation of small- and medium-sized construction project financing (PF) development projects, and further to evaluate their relative importance. A careful literature review along with Delphi study leaded to the design of four major criteria of risk factors including ‘financial risk’, ‘business feasibility risk’, ‘construction and operational risk’, and ‘stakeholder risk’. In addition, a total of twelve indexes were identified. A survey was administered to 100 experts to collect pairwise comparison data. The collected data were analyzed using the Analytic Hierarchy Process (AHP). Results indicate that ‘business feasibility risk’ emerged as the most important criteria among four risk criterion. Furthermore, ‘funding risk’, ‘failure in location/commercial area analysis’, ‘contractor insolvency and project suspension’, and ‘conflict with local community/public agencies’ were found to be the most important index within each respective risk criteria. Our findings of the current work also show that ‘failure in location/commercial area analysis’, ‘increase in project costs’, ‘funding risk’, and ‘demand forecasting error’ were ranked as the important index for careful consideration in practice.