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A decision support framework in risk assessment and cost management for European regional operational programs

This paper presents the development and application of a decision support framework which employs risk technologies in the management of funds allocated to European regional operational programs. The motivation lies on the need to provide improvements in the management of European regional operational programs. The approach combines risk-benefit-cost assessments of physical and procedural systems. The technique covers the spectrum of qualitative, semi-qualitative to fully quantitative approaches for the calculation of frequency, consequence, risk, benefit and cost quantities. Results are presented for the Regional Operational Program in West Macedonia, Greece, during the implementation of the Third Community Structural Framework Operational Program. The generic nature of the method permits its use in the management of similar European regional programs in other European countries, especially after the recent European Union enlargement. The lessons learned from this study can be a valuable tool for the management of European operational programs for the 4th programmatic period to be implemented from 2009-2016.