A Fuzzy Comprehensive Evaluation Model for Sustainability Risk Evaluation of PPP Projects

Evaluating the sustainability risk level of public–private partnership (PPP) projects can reduce project risk incidents and achieve the sustainable development of the organization. However, the existing studies about PPP projects risk management mainly focus on exploring the impact of financial and revenue risks but ignore the sustainability risks, causing the concept of “sustainability” to be missing while evaluating the risk level of PPP projects. To evaluate the sustainability risk level and achieve the most important objective of providing a reference for the public and private sectors when making decisions on PPP project management, this paper constructs a factor system of sustainability risk of PPP projects based on an extensive literature review and develops a mathematical model based on the methods of fuzzy comprehensive evaluation model (FCEM) and failure mode, effects and criticality analysis (FMECA) for evaluating the sustainability risk level of PPP projects. In addition, this paper conducts computational experiment based on a questionnaire survey to verify the effectiveness and feasibility of this proposed model. The results suggest that this model is reasonable for evaluating the sustainability risk level of PPP projects. To our knowledge, this paper is the first study to evaluate the sustainability risk of PPP projects, which would not only enrich the theories of project risk management, but also serve as a reference for the public and private sectors for the sustainable planning and development.