Problem ryzyka w podejmowaniu decyzji w projektach inwestycyjno-budowlanych
Risk phenomenon in decision making of investment construction projects

Summary/Abstract: This article shows a phenomenon of risk in taking investment decisions by the investors of construction projects. The paper emphasizes that there are many purposes of the projects. They may refer to buildings as a final outcome used by project owners to generate profit (e.g. real estate investment projects) or non-profit investments (e.g. infrastructure projects). Construction projects may also be carried out in complex projects in which a building or a structure works only as a “wrapping” for the business activity, which is the essential part of the project. The article indicates that, no matter what a role of the building is, it must be analysed throughout its life cycle. It is therefore worth using the Life Cycle Costing (LCC) or the Circular Economy (CE) principles in this kind of analysis. It has been pointed out that a life-cycle analysis can help to precise the assumptions presented in a feasibility study of the project, along with the sensitivity analysis and the risk analysis of the project. A scale of the miscalculations of the design parameters (differences between predictions and actual values) becomes a measure of the risk in making investment decisions. The article shows that there are different comparisons of the cost estimates and bids in a competition for a contract award in a selected road building project.

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