Abstract
Construction projects play an important role in infrastructure projects in developing countries. According to type, size, and complexity of the project, the number and importance of each risk could be different and many projects cannot reach the project goals due to exposure to multiple risks. Many papers have been published on the subject of risk management in construction projects; unfortunately most of them have not been implemented in practical conditions. The aim of this study is to identify and prioritize risks in construction projects. The classical approach used probability and impact for risk assessment, but these criteria do not sufficiently address all aspects of projects risks and there might be a relationship between different criteria. This study proposes the hierarchical dependencies between criteria. A case study of construction project is presented to illustrate performance and usage of the proposed model. Utilizing library studies and interview with experts, managers, and specialists, decision criteria were identified through brain storming. Risks were categorized by the experts into eleven risks. Important risks were evaluated based on the fuzzy ANP, fuzzy DEMATEL, and fuzzy TOPSIS methods. The proposed model is more suitable than the traditional decision-making methods in prioritizing risk concerning cost, time, and quality.
Highlights
The risk management can be defined as a process to identify, analyze, and respond to project risks in order to enhance opportunities and reduce threats affecting the objectives of the project
Construction projects are very risky due to the amount of money invested in them which shows the necessity of identification of risk drivers, the level of each risk effect, intensity of the influence of the risk on the project, and the probability of each risk
Based on these evidences, the appropriate action should be selected by project managers to reduce the loss of projects
Summary
The risk management can be defined as a process to identify, analyze, and respond to project risks in order to enhance opportunities and reduce threats affecting the objectives of the project. Construction projects are very risky due to the amount of money invested in them which shows the necessity of identification of risk drivers, the level of each risk effect, intensity of the influence of the risk on the project, and the probability of each risk. Based on these evidences, the appropriate action should be selected by project managers to reduce the loss of projects. In the case that project managers encounter lots of risk drivers, fuzzy technique is a suitable solution for risk management. Time, and quality are the main elements of project success which should be concerned
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
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
