Risk-Based Prioritization of a Building Portfolio for Retrofit
Publication: Journal of Structural Engineering
Volume 144, Issue 1
Abstract
This paper puts forward a risk-based approach to prioritize a portfolio of buildings for retrofit. A new set of local sensitivity measures is proposed to rank the buildings based on the optimal mitigation of risk to the entire portfolio. The proposed measures employ the derivative of various risk measures with respect to the cost of retrofit for each building. These risk measures are the mean and higher moments of the total portfolio cost probability distribution. The total portfolio cost comprises the construction cost due to retrofit and the repair cost due to damage. The proposed sensitivity measures quantify the reduction of risk to the entire portfolio per dollar spent on retrofitting each building. They provide the flexibility to prioritize under risk-neutrality and risk-aversion. To quantify the risk, reliability methods were employed in which many interacting probabilistic models evaluate the costs. The proposed methodology was applied to prioritizing 114 masonry school buildings in Iran for seismic retrofit. To this end, models were developed to predict the repair and the retrofit cost of masonry structures.
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Acknowledgments
The financial support of Sharif University of Technology through Grant No. G930930 is gratefully acknowledged. The authors thank the collaboration of the State Organization of School Renovation in providing access to the records of seismic retrofit plans for school structures. In particular, the authors gratefully thank Mr. Arash Mardani, Director of Research, for valuable cooperation and discussion throughout the course of this research. Finally, the authors express their gratitude to Messrs. Hossein Nasr Azadani and Hamid Etebarian for collaboration in data collection.
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Published In
Journal of Structural Engineering
Volume 144 • Issue 1 • January 2018
Copyright
©2017 American Society of Civil Engineers.
History
Received: Apr 22, 2016
Accepted: Jun 30, 2017
Published online: Nov 11, 2017
Published in print: Jan 1, 2018
Discussion open until: Apr 11, 2018
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