Identifying and Assessing the Critical Risks Toward Successful Factors in Operating Infrastructure BOT Projects

Build-Operate-Transfer (BOT) has become a popular procurement strategy for delivering infrastructure assets. However, there is a tendency for such projects to face challenges and fail. This study identified critical risks associated with the success factors in operating infrastructure BOT projects. To achieve this, questionnaires were distributed to three primary stakeholder groups, including public agencies, quasi-government organizations, and concessionaires. The collected data were analyzed using mean scores, with a severity index applied to evaluate the level of risk. Fifty risk factors were categorized into five distinct groups. The findings revealed that the five most critical risks to the success of infrastructure BOT projects were insufficient revenue (3.22), improper financial management (3.08), availability of long-term debt funding (3.04), changes in market demand (3.03), and fee changes (3.02). The critical categories included finances (2.88), politics (2.41), partnerships (2.32), operations (2.44), social factors (2.10), and cultural and environmental aspects (2.06). The results of this study offer valuable insights that can support policy development and help identify potential obstacles to the implementation of BOT projects in Thailand, as well as other ASEAN and developing countries with similar contexts.