A Framework for Risk Management in Infrastructure Projects: A Case Study of Developing Countries

Abstract

This study addresses the critical issue of risk management in infrastructure projects within developing countries, where traditional global frameworks often fall short of addressing local challenges. A significant research gap exists due to the lack of tailored frameworks that consider the specific political, financial, environmental, and technical risks inherent in these contexts  and to bridge this gap, a mixed-methods approach was employed, incorporating case studies, semi-structured interviews, and thematic analysis to capture insights from projects in Nigeria, Nepal, and Bangladesh  and the resulting framework integrates local context evaluation, cost-benefit-based risk prioritization, and active stakeholder engagement, demonstrating robust applicability in mitigating both immediate and long-term risks  and the study makes a dual contribution: it offers practical recommendations for enhancing project sustainability and provides theoretical insights that advance the field of risk management. Future research directions include broadening the study’s geographical and sectoral coverage and incorporating quantitative methods, such as artificial intelligence-based risk modeling, to further optimize risk assessment and decision-making processes.