| Factors | Name | Variables common factor contains |
| F1 | Construction risk factor | Construction cost overruns C15 |
| Construction schedule delay C16 | ||
| Material availability C13 | ||
| Late design changes C14 | ||
| Poor construction technology C11 | ||
| Modification of contract C12 | ||
| F2 | Relationship risk factor | Organization and coordination risks C22 |
| Lack of PPP projects experience C24 | ||
| Improper risk allocation C23 | ||
| Improper distribution of power and responsibility C25 | ||
| Concept and technical differences between partners C26 | ||
| Lack of trust between partners C27 | ||
| F3 | Operational risk factor | Operating cost overruns C20 |
| Operating income is lower than expected C21 | ||
| Poor operating performance C19 | ||
| Maintenance costs are higher than expected C18 | ||
| Maintain frequent than expected C17 | ||
| F4 | Political risk factor | Industry policy changes C6 |
| The expropriation of assets or nationalized C7 | ||
| Public decision-making is not sound C8 | ||
| Monetary policy changes C5 | ||
| F5 | Environmental risk factor | Geological conditions C31 |
| Meteorological condition C28 | ||
| Hydrologic condition C29 | ||
| F6 | Macroeconomic risk factor | The depression of financial markets C3 |
| Inflation rate fluctuations C2 | ||
| Interest rate uncertainty C1 | ||
| F7 | Design risk factor | Delay of project examination and approval and permits C4 |
| Design flaw C30 | ||
| F8 | Financing risk factor | The feasibility of financing C10 |
| Project attractive to investors C9 |