Analyzing the Risks in Highway Projects Using the Markov Chain Approach

The issues associated to highway projects usually affect aspects like nature of the project, cost and time. Risk events that are not usual always give rise to positive or negative feedback and normally cause variations from project designs especially inclined to risk construction projects. However, more investigations have been done on risk management associated to highway projects, there is limited literature more so to the risk of the project. These projects can be overseen under some dubious condition by applying the risk management technique. The aim of this research was to demonstrate pertinence of the Markov Chain approaches in diminishing the risks of the highway projects by utilization of data from the projects. Other Commonly utilized procedures don't investigate potential risks successfully and subsequently the utilization of Markov chains. This project has made utilization of the Markov chain procedure to evaluate the short and long-term potential risks. This research project utilized risk data acquired from experts through questionnaires. The data was then analyzed utilizing the Octave software