Dynamic risk assessment of international engineering projects from the life cycle perspective

Compared to other types of engineering projects, the development of international engineering projects (IEPs) is particularly challenging due to the uncertainties and risks posed by external environments. The risks of IEPs arise from both external threats and inherent vulnerabilities. As projects progress, these risks evolve dynamically, posing significant challenges for risk management. Existing studies on IEPs have focused mainly on the static assessment of risks at a certain stage or types of risk, but few have considered the dynamic and interconnected nature of risks. This study employs a comprehensive risk assessment framework for IEPs using dynamic Bayesian network. Specifically, the fuzzy set method and Monte Carlo simulation create the prior probabilities of root nodes and conditional probabilities of intermediate and leaf nodes. Then, propagation analysis is conducted to uncover the dynamic evolution of risks throughout the project life cycle. The proposed framework can capture the evolution of critical risks in life cycle. Internal and external risks in the three phases of construction, operation, and maintenance have been identified. Based on the findings from a case study, targeted management strategies are proposed to address critical risks, providing practical guidance for project managers to optimize risk management practices.