| Title |
Risk-Based Performance Evaluation and Prediction Tool by Characterizing Construction Projects in Pre-Project Planning |
| Authors |
Shin, Kang-Yong ; Cha, Hee-Sung |
| Keywords |
risk factors ; cost performance ; decision making ; risk assessment tool |
| Abstract |
Project risk factors are major triggers in cost performance in construction projects. Both owners and contractors are highly concerned in managing their risks in earlier times. As such, it is needed to provide a robust risk evaluation methodology in identifying and assessing the potential risks before project execution. In previous research, risk identification was conducted only in specific phases, i.e., design, procurement, construction. Therefore, the comprehensive approach in risk management was limited and their quantifying method was not well-defined. Since the benefit of planning in earlier times are maximized compared to later times, the risk management should be implemented in earlier planning stage. This study provide a new risk evaluation method by incorporating previous research and extensive literature review. By quantifying each risk factor from an extensive industry survey, the proposed tool can enhance the reliability of each factor weight and also the weights are categorized from a various perspectives, i.e., owners, contractors, lager-scale company, smaller-scale company, building projects, The proposed tool can be also useful in deciding on whether to proceed a particular project and how much the project contingency would be set aside in project execution. The study findings can also expedite the risk management procedure in a more systematic approach. |