Identifying and Assessing the Critical Risk Factors in an Underground Rail Project in Thailand: A Factor Analysis Approach

Large and complex infrastructure projects involve various risk factors and the successful implementation of such projects depends on effective management of the key risk factors. This paper reviews the literature to identify essential risk variables associated with infrastructure projects. Based on these risk variables, a survey is conducted to isolate and assess the critical risk factors for a mass rapid-transit underground rail project (Chaloem Ratchamongkhon Line), Thailand. Responses obtained within the project organisation are evaluated using principal component analysis to understand the latent structure of the critical risk factors. The variables within the factors are tested to confirm the reliability and validity of the constructs. Finally, nine critical factors with 35 items are extracted after four iterations. Critical risk factors obtained through the factor analysis are assessed to gain better understanding of their importance and impact on project management. The research findings are supported by the perceptions of the senior management within the project organisation, which are also discussed in the paper.