{"title":"ON QUANTITATIVE RISK ASSESSMENT OF INFRASTRUCTURAL PROJECTS WITH STATE PARTICIPATION","authors":"I. Belyakov","doi":"10.17323/1999-5431-2022-0-4-30-60","DOIUrl":null,"url":null,"abstract":"International experience shows that creating large infrastructure objects (as a rule, with state participation) is often accompanied by significant cost overruns. Importance of this issue is especially high due to responsibility for the use of public resources. The article reviews most recognized methods of the project risks evaluation that play a key role in assessing the total cost of large and long-term projects. Approaches of international organizations, official documents of selected developed countries and requirements for Russian infrastructure projects with state funding are compared. Particular attention is paid to a comprehensive quantitative risk evaluation, which is not sufficiently represented in the Russian official methodology, based on Monte-Carlo simulation modelling. The study considers some practical aspects of applying this method for conditional cost estimation. As an illustration, a model calculation of the impact of risks on the indicators of one of the latest PPP infrastructure projects (CRR-1) is given.","PeriodicalId":43338,"journal":{"name":"Voprosy Gosudarstvennogo i Munitsipalnogo Upravleniya-Public Administration Issues","volume":"1 1","pages":""},"PeriodicalIF":0.2000,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Voprosy Gosudarstvennogo i Munitsipalnogo Upravleniya-Public Administration Issues","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.17323/1999-5431-2022-0-4-30-60","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"PUBLIC ADMINISTRATION","Score":null,"Total":0}
引用次数: 0
Abstract
International experience shows that creating large infrastructure objects (as a rule, with state participation) is often accompanied by significant cost overruns. Importance of this issue is especially high due to responsibility for the use of public resources. The article reviews most recognized methods of the project risks evaluation that play a key role in assessing the total cost of large and long-term projects. Approaches of international organizations, official documents of selected developed countries and requirements for Russian infrastructure projects with state funding are compared. Particular attention is paid to a comprehensive quantitative risk evaluation, which is not sufficiently represented in the Russian official methodology, based on Monte-Carlo simulation modelling. The study considers some practical aspects of applying this method for conditional cost estimation. As an illustration, a model calculation of the impact of risks on the indicators of one of the latest PPP infrastructure projects (CRR-1) is given.
期刊介绍:
PUBLIC ADMINISTRATION ISSUES is a scientific peer-reviewed journal published by the National Research University High School of Economics (NRU HSE).The journal is published quarterly in Russian, and contains original articles by Russian and foreign authors. In addition, a special English language issue containing original articles by Russian and foreign authors has been published since 2014. The editorial board consists of leading Russian and foreign scientists in the field of public administration as well as prominent practitioners. The journal is indexed in the international databases: Scopus, RePEc, EBSCOand the Russian Science Citation Index (RSCI) on the platform of Web of Science. In addition, the journal is on the list of key peer-reviewed scientific journals and publications that the Higher Certification (Attestation) Commission in the RF Education Ministry recommends for publishing the main scientific results of theses for PhD and doctoral degrees in Economics, Sociology and Law. The journal focuses on the following subject areas: − Current theories of public administration. − Theoretical fundamentals of economic and social policy − Factors and Assessment of efficiency in public and municipal administration. − Innovations in the system of public and municipal administration. − Planning and forecasting in the system of public and municipal administration. − Staff of the state and municipal service. Management of personnel in public and municipal bodies and in organizations of the public sectors. − Financial, logistical and information resources of the state and municipalities. − Public service. − Functional features of public sector organizations. − Partnership of the state and municipalities with nongovernmental nonprofit organizations. Economic and administrative challenges facing “third sector.” - Development of education programs on public administration.