Abstract
Sensitivity analysis and risk analysis have been used for the evaluation of uncertainty of transportation projects. Application of these analyses to the real projects has several difficulties such as difficulty of estimation of occurring probability of events. Considering the transportation project as an investment and setting an option on it, it is possible to construct an index which includes the information on uncertainty of transportation projects. Based on this consideration, this paper proposes the project risk index which is calculated from the values used in usual feasibility study, and analyzes the several characteristics of the index.
