Research Article
Jun 1982
Construction Risk: Multiattribute Approach
Publication: Journal of the Construction Division
Volume 108, Issue 2
Abstract
Numerous mathematical decision models have been formulated in an attempt to analyze construction risk. Most such efforts have failed because of the limited scope of their objective functions. This study presents field interview results substantiating the hypothesis that decision-making is multiattributed in nature, contrary to the implicit assumption of these other efforts. A theory is introduced which facilitates analysis of complex decisions and selection of consistent courses of action. An illustrative decision problem is solved, not only to explain the mechanics of the theory, but to demonstrate that construction risk is a function of competitive economics as well as project-related characteristics.
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Published In
Journal of the Construction Division
Volume 108 • Issue 2 • June 1982
Pages: 187 - 200
Copyright
© 1982 American Society of Civil Engineers.
History
Published in print: Jun 1982
Published online: Feb 11, 2021
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Authors
Affiliations
C. William Ibbs Jr., AM.ASCE
Asst. Prof.; Dept. of Civ. Engrg., Univ. of Illinois, Urbana, Ill. 61801
Keith C. Crandall, M.ASCE
Prof.; Dept. of Civ. Engrg., Univ. of California, Berkeley, Calif. 94720
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ASCE Library Cards let you download journal articles, proceedings papers, and available book chapters across the entire ASCE Library platform. ASCE Library Cards remain active for 24 months or until all downloads are used. Note: This content will be debited as one download at time of checkout.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.
Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.