2011 · 12 citations · 12 references
ManagementConstruction ManagementRisk ManagementConstruction Project ManagementRisk AnalysisRisk AssessmentConstruction RiskProject RiskRisk EvaluationRisk-based Decision MakingConstruction Risk ManagementFuzzy SetsProject Risk IdentificationProject Risk Management
Construction projects face higher risk than many industries, and risk management involves classification, identification, analysis, and response; fuzzy systems are suitable for handling the vague, subjective information inherent in construction risk analysis. This paper develops a fuzzy risk analysis model to assess risks in construction projects. The model is applied to evaluate risks in a construction operation using assessments from three evaluators. The model provides a systematic and effective method for risk analysis.
Compared with many other industries, the construction industry is subject to more risk due to the unique features of construction activities. Risk management aims at identifying sources of risk and uncertainty, determining their impact, and developing appropriate management response. A systematic process of risk management has been divided into risk classification, risk identification, risk analysis and risk response. The ability of a fuzzy system to explain its reasoning process is shown to have definite applicability within the field of risk analysis. Also fuzzy set theory is highly subjective and related to inexact and vague information which we deal in construction projects. This paper describes the development of a fuzzy risk analysis model to assess the risks associated with construction projects. At the end of paper, the proposed model is used to assess the associated risk with a construction operation based on evaluations of three evaluators. The results derived from this model indicate a systematic and effective way for risk analysis.
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