Abstract
Many changes have occurred in the construction industry over the past few years as a result of the development of technologies and specifications of the materials used and modern technologies, which led to an increase in the accuracy and speed of implementation of various stages of the project life cycle, and it became important to anticipate external and internal risks of the project and plan a response to these risks, since they have the effect of an unaccounted price increase and an excess of the contract period. From this perspective, risk assessment was a necessary tool to determine the risks to which the project was exposed in order to find the best way to deal with them. The aim of the study is to identify the most significant types of risk factors faced by the construction industry, which lead to exceeding the specified time for implementation and to large losses, which helps stakeholders in this area to predict potential obstacles and be able to quickly make appropriate decisions. To achieve this goal, a questionnaire survey was conducted to collect information from specialists in the construction industry, as well as references in this field to express an opinion on the intensity of the impact of each studied risk factor. Thereafter, Monte Carlo simulations were used to assess the risk factors studied. The study found that Monte Carlo simulations, which depend on repeated scenarios hundreds or thousands of times, can provide an accurate estimate of the risks faced by investment and construction projects in conditions of uncertainty.
Highlights
Investment and construction projects have a special character, its most important features are the duration of the periods and the multiplicity of stages, from the stage of receiving the project, the implementation process to the stage of final delivery and operation, which can lead to a change in circumstances leading to an increase in the state of uncertainty and an increase in the likelihood of risks, which reflected negatively on the quality, cost and duration of the construction project
It can be said that the construction process includes a set of overlapping processes and others, which are often difficult to separate, determine the causes and relationships, as a result of this overlap and interdependencies between the various parties involved in the project, a risk factor acts as an influencing factor in the decision-making process affecting the course of construction, it is obvious that the risk is associated with the consequences of uncertainty [1,2]
These risk factors were presented as real and realistic, which are constantly exposed to investment construction projects
Summary
It can be said that the construction process includes a set of overlapping processes (planning, implementation, technical, economic) and others, which are often difficult to separate, determine the causes and relationships, as a result of this overlap and interdependencies between the various parties involved in the project, a risk factor acts as an influencing factor in the decision-making process affecting the course of construction, it is obvious that the risk is associated with the consequences of uncertainty [1,2]. It is necessary to note the importance of participation and cooperation between the parties involved in the construction process in order to understand the risks and potential problems, determine how to solve them, this is achieved by assessing and analyzing the factors causing these risks in conditions of uncertainty. The data obtained was analyzed using quantitative statistical methods to rank the listed factors according to their importance, which helped to avoid or reduce their impact
Sign-in/Register to view highlights & summary 
Published Version (
Free)
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call