ASSESSMENT OF RISKS IN PUBLIC PRIVATE PARTNERSHIP HIGHWAY PROJECTS IN INDIA USING FUZZY SYNTHETIC EVALUATION

There is an enhanced need of Public Private Partnership applications in worldwide infrastructure development. While this brings a good opportunity for efficient and quality public service and management, large risks often arise due to varying cultural, political, socio- economic, environmental problems and local issues in the project. Diverse stakeholders in Public Private Partnership can also bring about conflicts that usually hinder the smooth implementation of the highway projects. Fuzzy synthetic evaluation is a method to evaluate the multiple criteria decision making. PPP risk assessment usually involves a large number of Critical Risk Factors (CRFs) and critical risk group (CRGs). During the evaluation process, all the CRFs and CRGs have to be scrutinized in order to ensure effectiveness. Hence, it is required to synthetically evaluate to solve multi- attribute and multi-level problem. As an application of fuzzy set theory, fuzzy synthetic evaluation has been adopted in risk assessment in PPP highway projects. The risk assessment in Public Private Partnership is often multi-layered and fuzzy in nature which requires evaluator's subjective judgment; it is appropriate to adopt the fuzzy synthetic evaluation method to develop a fuzzy risk assessment model. This paper aims to develop a fuzzy synthetic evaluation model for assessing the risk level of a particular and the overall risk index associated with Public Private Partnership Highway Projects in India.