Structural Network Measures for Risk Assessment of Construction Projects

AbstractRisk assessment is an integral part of project management; however, its implementation is often challenging. One of the key challenges is how to collect reliable data for modeling risks. The objective of this paper is to introduce a network-based approach for risk assessment when data is lim...

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Bibliographic Details
Published in:ASCE-ASME journal of risk and uncertainty in engineering systems. Part A, Civil Engineering Civil Engineering, 2020-03, Vol.6 (1)
Main Authors: Govan, Paul, Damnjanovic, Ivan
Format: Article
Language:English
Subjects:
Civil engineering
Project management
Project planning
Resource management
Risk assessment
Risk management
Technical Papers
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Summary:AbstractRisk assessment is an integral part of project management; however, its implementation is often challenging. One of the key challenges is how to collect reliable data for modeling risks. The objective of this paper is to introduce a network-based approach for risk assessment when data is limited or unreliable. The proposed structural network measures focus on relative connectivity of project tasks, resources, and risk events; or in other words, the data that are typically available from project planning and considered more reliable. The central concept is built upon the method called resource-based project risk management, which involves the identification and assessment of risks in terms of resource impacts and the subsequent effects on duration and/or cost of project tasks. The proposed methodology is illustrated using case study data.
ISSN:2376-7642
2376-7642
DOI:10.1061/AJRUA6.0001041