Construction Project Risk Assessment Using Existing Database and Project-Specific Information
Publication: Journal of Construction Engineering and Management
Volume 134, Issue 11
Abstract
This paper develops a risk assessment methodology for construction projects by combining existing large quantities of data and project-specific information through updating approaches. Earlier studies have indicated that risk assessment is still difficult for practicing engineers to use due to the requirement of data on too many input variables. However, the availability of existing large quantities of data and project-specific information makes it possible to simplify the risk assessment procedure. Two main ideas are pursued in this paper to facilitate practical implementation: identify and evaluate the critical risk events, and develop a systematic updating methodology. Both epistemic and aleatory types of uncertainties in the data are considered, and corresponding updating procedures are developed. The proposed methodology is illustrated for the construction risk assessment of a cable-stayed bridge.
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Acknowledgments
The work was supported by the Postdoctoral Fellowship Program of the Korea Research Foundation (KRF, UNSPECIFIEDM01-2004-000-20055-0). The support is gratefully acknowledged.
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Information & Authors
Information
Published In
Journal of Construction Engineering and Management
Volume 134 • Issue 11 • November 2008
Pages: 894 - 903
Copyright
© 2008 ASCE.
History
Received: Aug 12, 2005
Accepted: Apr 23, 2007
Published online: Nov 1, 2008
Published in print: Nov 2008
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