Applying a risk management process to manage cost risk for an EHV transmission line project

Risk management processes (RMPs) are logically consistent and structured approaches to enumerating and understanding potential risk factors and assessing consequences and uncertainties associated with these identified risk factors. Based on this information, we can evaluate and choose the best course of action in order to cope with the identified risks and to achieve the desired objectives of a given project. An RMP is applied in this paper to formulate a risk management model to evaluate the risks associated with an (EHV) transmission line project cost. This model can be applied successfully in reviewing and taking corrective actions over different project life cycle phases as shown in this paper.