Abstract
AbstractWith ever increasing complexities, construction projects are constantly exposed to a variety of risks associated with all stages of project execution from the initial assessment of strategic options through procurement, fabrication, construction, and commissioning. The successful delivery of construction projects and assurance of project objectives largely depend on the appropriate management of all project risks. One of the major steps in project risk management is to assess the potential risks. It lays the basis for selecting and implementing effective response strategies to mitigate the risks, and avoid undesirable consequences such as project delays and cost overruns. This paper proposes a new approach for risk assessment in construction projects. The approach interprets the subjective risk assessments by experts with a statistical method motivated by a cognitive psychology theory. By considering attributes of risks as random variables, experts as information processing systems, and expert opi...
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