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Risk analysis in construction projects: a practical selection methodology

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journal contribution
posted on 2014-01-01, 00:00 authored by A De Marco, Jamal ThaheemJamal Thaheem
Project Risk Management (PRM) is gaining attention from researchers and practitioners in the form of sophisticated tools and techniques to help construction managers perform risk management. However, the large variety of techniques has made selecting an appropriate solution a complex and risky task in itself. Accordingly, this study proposes a practical framework methodology to assist construction project managers and practitioners in choosing a suitable risk analysis technique based on select project drivers. Additionally, the methodology transforms the traditional triple constraints by broadening the focus from the project to a combination of the project and PM organization. Scale harmonization is achieved by dividing the selected project drivers and risk analysis categories into four levels. The applicability and efficiency of the methodology is demonstrated in two actual construction projects by creating a radar chart and performing their ex-post risk analysis with the help of the developed technique. The study contributes to the existing body of knowledge on PRM as a practical tool that helps project managers select suitable risk analysis techniques under given project characteristics.

History

Journal

American journal of applied sciences

Volume

11

Pagination

74-84

Location

Dubai, United Arab Emirates

Open access

  • Yes

ISSN

1546-9239

eISSN

1554-3641

Language

eng

Publication classification

C1.1 Refereed article in a scholarly journal

Copyright notice

2014, Science Publication

Issue

1

Publisher

Science Publications

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