An investigation of a risk management decision support system for Iraqi construction projects

Abstract

Risk management (RM) is one of the critical success factors for the construction of projects, project participants generally do not have sufficient knowledge pertinent to risk management concept and the number of risk management support tools which facilitate the process are rather low. Research problem can be identify by the process of risk management, applying risk management in construction projects, types and identified, assessing and controlling of risk in construction projects. In order to facilitate risk management activities, decision support tools that will enable risk identification, analysis and response strategy formulation should be developed. Decision support tools are necessary for systematic identification of risks, scenario generation, proactive management of risk and integration of risk management activities with other project management functions such as planning, cost estimating and monitoring project success. The proposed decision support system, namely Integrated Risk Management System (IRMS), is designed to support the user at all phases of the risk management process. Major functions of IRMS include, risk analysis by Monte Carlo (MC) simulation (probability and rating degree), risk assessment by risk rating, risk re-assessment, response generation. The applicability of the system has been tested by a real case study (three Iraqi construction cases) and its functionality has been demonstrated using the data associated with these cases, study (three cases). Risk carting (RC) processes are reduced from high risk management to moderate ones for the three project cases.