ABSTRACT
Risk management, along with cost management, is a very important tool in carrying out tunnel and infrastructure projects. Proper risk and opportunities evaluation are especially important in large infrastructure projects. This publication proposes a novel method for risk structuring, based on the models available in literature and including unknown and unidentifiable risks, also known as “black swans”. In infrastructure projects, we may also encounter so-called unidentifiable risks and risks which, from a scientific point of view, cannot be directly inferred. The basis of the work is a mathematical relation linking extent to probability of occurrence: It also includes the development of measures to reduce the extent of the damage from unknown risks in large infrastructure projects.
