Vo, H. M. and Yang, J. B. (2026) Incorporating stakeholder perception into risk assessment model: An empirical study of highway construction projects. Engineering, Construction and Architectural Management, 33(7), pp. 5244-5274. ISSN 0969-9988
Abstract
Purpose – Large infrastructure projects encounter diverse risks, yet existing risk assessment (RA) models often overlook key stakeholder perspectives. This study addresses the gap by combining insights from both public and private sector stakeholders into an innovative RA model. Design/methodology/approach – The study examined Vietnam's Mekong Delta highway projects through two targeted surveys to capture stakeholder perceptions of risk factors. Statistical analysis and the fuzzy synthetic evaluation (FSE) methods were utilized to identify critical risk factors (CRFs), primary risk groups (PRGs), and overall risk levels (ORLs) from stakeholder perspectives. Subsequently, seven professional experts re-evaluated the CRFs, validated the proposed RA model, and confirmed its applicability for upcoming projects. Findings – The study identified twenty-two CRFs and grouped them into five PRGs. Land acquisition and compensation issues and material price fluctuations are the two most prominent CRFs, while commercial and natural environment risks are the most significant risk components. Notably, the private sector stakeholders perceive higher risk levels than the public sector counterparts across almost identified risk categories and indexes. Practical implications – The study contributes to improving RM practices and project RA outcomes in highway construction by developing this stakeholder-driven RA model. It also provides ready-to-use risk registers and actionable strategies, facilitating stakeholders with practical tools for effective RM. Key recommendations for highway projects include (1) flexible land acquisition policies and streamlined compensation processes, (2) price adjustment mechanisms in contracts, and early stakeholder engagement to address regulatory and environmental concerns proactively. Originality/value – This study introduces a novel, stakeholder-driven RA model, addressing the gap between theoretical frameworks and real-world applications. It offers a structured and data-driven approach to risk identification and prioritization, applicable not only to highway projects in Vietnam's Mekong Delta but also to similar infrastructure projects worldwide. The findings contribute to advancing risk management (RM) theory while delivering practical tools for policymakers, project managers, and investors to strengthen decision-making and project resilience.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | fuzzy synthetic evaluation; highway construction projects; mekong delta; risk assessment; stakeholder perception |
| Index terms: | compensation, Vietnam, large infrastructure project, environmental concern, risk factor, land acquisition, methodology, survey, highway construction, decision-making, strategy, project manager, private sector, risk assessment, investor, risk register, empirical study, fuzzy synthetic evaluation, stakeholder engagement, risk management, public sector, statistical analysis, infrastructure project, risk identification, Mekong |
| Subjects: | sociology, physical geography and landforms, data collection methods, decision analysis, data science, research methods, Geography, infrastructure engineering, industry analysis, management, dispute resolution, administrative law, decision-making and optimization, environmental hazards, environmental issues, community and social dimensions, financial risk, infrastructure and transport systems, profession, real estate economics, civil engineering, risk assessment |
| Topics: | Geographical Context, Roles and Professions, Research Practice, Legal Issues, Urban Studies, Sustainability, Stakeholder Management, Business Strategy, Engineering Principles, Risk Management, Cost Management |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here