RISK ANALYSIS IN CONSTRUCTION PROJECTS: A PRACTICAL SELECTION METHODOLOGY
Alberto De Marco and Muhammad Jamaluddin Thaheem
DOI : 10.3844/ajassp.2014.74.84
American Journal of Applied Sciences
Volume 11, Issue 1
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.
© 2014 Alberto De Marco and Muhammad Jamaluddin Thaheem. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.