Development of a Financing Optimization Framework Based on Risk Simulation in BOT Projects: A Case Study of the Waste-to-Energy Project

Table 1

Survey of related works.

Ref	Risk		Objectives	Uncertainty in variables	Financing	Method	Case study
	Qualitative	Quantitative
Davies et al. [9]		—	Identifying factors of risk	—	—	Logistic regression analysis	Sewer’s structural condition
Bing et al. [13]		—	Risk allocation	—	—	Questionnaire	UK construction projects
Song et al. [15]		—	Operation period		—	Fuzzy model + system dynamics	Waste-to-energy project
Ma et al. [16]		—	Operation period	—	—	Real-option analysis	Water treatment plant project
Digiesi et al. [17]		—	Reducing the exposure risk	—	—	MINLP model	NE
Aladag and IsiK [18]		—	Evaluating construction risks		—	Fuzzy analytical hierarchy process	A transportation project
Sato et al. [19]	—		Quantitative risk analysis		—	Monte Carlo simulation	Road projects in Japan
Platon and Constantinescu [20]	—		Internal rate or the return		—	Monte Carlo simulation	An investment project
Au and Hendrickson [23]	—	—	Profit	—	Included	A rational framework	NE
Elazouni and Metwally [25]	—	—	Profit	—	Included	An improved GA	NE
Ahmed [27]	—	—	Cash flow model		Included	Monte Carlo simulation	NE
Elazouni and Gab-Allah [28]	—	—	Finance-based scheduling	—	Included	Integer programming	Small NE
Alavipour and Arditi [31]	—	—	Financing cost	—	Included	LP	Small NE
Alavipour and Arditi [32]	—	—	Time-cost trade-off		Included	Hybrid GALP	Small NE
Elghaish et al. [33]	—	—	Cost estimation		—	Monte Carlo simulation	A real construction project
This research			Financing cost considering risk impacts		Included	Monte Carlo simulation + hybrid GA-SFL	Real waste-to-energy project