Construction Project Risk Assessment Research Articles

Comprehensive Methodology of Risk Assessment of Construction Projects in Current Circumstances

Comprehensive Methodology of Risk Assessment of Construction Projects in Current Circumstances

Scoring model of risk assessment of construction projects

The article substantiates the possibility of using a scoring model to assess the risks of construction projects and real estate agencies. The problems of determining the weights of risk categories, individual risks and their factors are analyzed. Examples of using the model to solve practical problems are shown.

Supply Chain Risk Assessment and Mitigation Approaches for Small-Sized Road Construction Projects

"ENGINEER", established in 1973 by The Institution of Engineers, is a Journal for dissemination of Engineering knowledge, published quarterly.If you are interested in contributing an Original Technical Paper based on research by the author(s) (intended for Section I) or an Original Article of Professional or Technical interest related to Engineering. (Section II) to this journal please go through the publication checklist which can be downloaded from here.Cover DescriptionCover images show a few views of Stage II of the Central Expressway from Mirigama to Kurunegala. The Institution of Engineers Sri Lanka acknowledges the Road Development Authority (RDA) for the images.

Development of a New Technique for Safety Risk Assessment in Construction Projects Based on Fuzzy Analytic Hierarchy Process

This study follows the fuzzy analytic hierarchy process to develop a semiquantitative technique to assess the safety risk of construction projects based on effective parameters affecting the probability and severity rates. Various studies targeting safety risk assessment in construction projects together with their research characteristics were investigated. In the second step, the initial structure of risk assessment was designed based on a semiquantitative technique of safety risk assessment. In the third step, a three-round Delphi method was employed, and an expert panel comprising 41 project managers and senior authorities of construction projects determined the existing components of the two factors of risk probability and severity. Finally, the weights of the components of risk probability and severity were determined so that their roles in determining the level of final risk could be specified. The normalized weights of probability and severity factors for calculating the semiquantitative safety were 0.48296 and 0.51704, respectively. Moreover, the incident probability factor included the four components of technical inspection, human reliability, incident learning, and hazard detection, with the following weights, respectively: 0.303, 0.364, 0.088, and 0.245. The incident severity factor included the four components of human injury, financial loss, operational interruption, and reputation damage, with the following weights, respectively: 0.369, 0.233, 0.191, and 0.207. The utilization of this technique can help reduce the risk of occupational incidents in construction projects.

Risk assessement of Vietnam construction project: System dynamics model approach

There are some papers carried out for risk assessment of construction projects. However, several shortages of this research have been identified, including the usage of inappropriate techniques for assessing risk when they are unable to simulate the relationship of potential risk variables. Therefore, the application of modern qualitative and quantitative methods considering the interaction, independencies, and feedbacks among project risks is extremely necessary. This paper aims to introduce a comprehensive technique for risk assessment through approaching system dynamics (SDs) technique. The application of the SDs model will help project managers model the magnitude of the impact of the risks on cost, time, and quality of the project based on the complex interaction of these risk variables.

Schedule Risk Assessment in High-Rise Building Construction Projects with Joint Operation Scheme by Foreign Contractor in Indonesia

Schedule Risk Assessment in High-Rise Building Construction Projects with Joint Operation Scheme by Foreign Contractor in Indonesia

Application of FMEA and AHP in Elevated Highway Construction Project Risk Assessment

Background: By investigating accidents in industries, it can be concluded that a significant proportion of work-related accidents occur in the construction industry. The present study aimed to apply a hybrid model in identifying and prioritizing risks in a construction project with new machinery.
 Methods: In this study, the methodological shortcomings of the traditional failure mode and effects analysis (FMEA) method and the need to prioritize control measures were modified by the analytical hierarchy of process (AHP). The FMEA was used for risk identification and risk assessment in the elevated highway construction project, then AHP accidents were prioritized according to their physical, psychological, economic, and socio-political burden.
 Results: In the AHP structure, several sub-criteria for each criterion were considered and weighted for each item. The five activities included crane collapse, falling from a height, collapse, and electrocution devices that their risk priority number is more than 250 weighted by the AHP.
 Discussion: Based on the literature, the traditional FMEA has many shortcomings that need to be corrected by other methods. This study aimed to modify the traditional FMEA method using a hybrid model.
 Conclusion: The findings of this study showed that in urban projects, hazards threaten workers, citizens, and company properties. In addition to accidents, deaths, and injuries, they have negative consequences, such as health, psychological, economic, and socio-political impacts. Accidents cause loss of human life, worker's mental health problems, damage to equipment or property, worker's productivity loss, and affect the profit and reputation of the organization. Due to many deficiencies of the conventional risk priority number (RPN) in the FMEA method, it was criticized, and to enhance the performance of the FMEA in risk analysis, various risk priority models have been proposed.

Risk Assessment of Bridge Construction Project through cost management phases

Risk assessment is an important factor in project cost management. This study addresses the risks associated with a 900 meter long bridge construction project. The risk of a bridge construction project is assessed to limit and quantify the impact on the project. The impact of various risks was investigated to express the impact on the total project contract value at the estimation stage. A project risk analysis is introduced to assess the percentage of risk attributed to the total cost. After assessing the impact of risks on cost using Expected Monetary Value (EMV), a new approach of including uncertainties on risk analyses, using description (C, Q, K), is discussed and its advantages and shortcomings are highlighted. Risk is then assessed at several stages of project execution during the budgeting phase, and risk-based project value (RPV) is used to assess the value of the project at each stage. RPV usually increases as the project progresses towards its goals. Due to this property, the RPV of the entire project can be categorized into the contribution value (CV) of each activity. The CV of an activity is defined as the increase in RPV after each activity completes successfully. The results highlight the positive impact of successfully completing the activities associated with the highest risk. In addition, practical solutions for risk assessment and analysis of bridge construction projects are provided for use by bridge construction contractors, project managers and project management engineers.

Risk assessment of construction projects using Monte Carlo simulation

PurposeThis paper aims to develop a process for prioritizing project risks that integrates the decision-maker's risk attitude, uncertainty about risks both in terms of the associated probability and impact ratings, and correlations across risk assessments.Design/methodology/approachThis paper adopts a Monte Carlo Simulation-based approach to capture the uncertainty associated with project risks. Risks are prioritized based on their relative expected utility values. The proposed process is operationalized through a real application in the construction industry.FindingsThe proposed process helped in identifying low-probability, high-impact risks that were overlooked in the conventional risk matrix-based prioritization scheme. While considering the expected risk exposure of individual risks, none of the risks were located in the high-risk exposure zone; however, the proposed Monte Carlo Simulation-based approach revealed risks with a high probability of occurrence in the high-risk exposure zone. Using the expected utility-based approach alone in prioritizing risks may lead to ignoring few critical risks, which can only be captured through a rigorous simulation-based approach.Originality/valueMonte Carlo Simulation has been used to aggregate the risk matrix-based data and disaggregate and map the resulting risk profiles with underlying distributions. The proposed process supported risk prioritization based on the decision-maker's risk attitude and identified low-probability, high-impact risks and high-probability, high-impact risks.

Risk Assessment and Management in Construction Projects

. Risk assessment and management play a pivotal role in ensuring the successful execution of construction projects. As the complexity and scale of construction projects continue to grow, project stakeholders face an increasing number of uncertainties and potential risks that can adversely impact project outcomes. Therefore, it becomes crucial to adopt an effective risk assessment and management framework to proactively identify, evaluate, and mitigate potential risks.This paper presents a comprehensive overview of risk assessment and management in the context of construction projects. It explores various techniques, tools, and strategies that can be employed to assess, analyse, and control risks throughout the project lifecycle. The objective is to provide project managers, contractors, and stakeholders with insights into best practices for minimizing project uncertainties and improving overall project performance.

Impact of Risk Attitude on Risk, Opportunity, and Performance Assessment of Construction Projects

This article explores the impact of risk attitude on the assessment of project uncertainty encompassing both risk and opportunity and expected project performance. A survey was conducted involving project risk management experts from the construction industry, and the data collected were analyzed using various statistical techniques. The findings reveal that the impact of risk attitude significantly varies across multiple dimensions of project uncertainty and project performance. To the best of the authors’ knowledge, the association between risk attitude and project uncertainty and expected performance assessments has never been explored while capturing multiple dimensions of project uncertainty and performance.

Safety risk assessment in construction projects at Hasanuddin University

ObjectiveThis study aimed to assess risk of occupational safety and health in one of construction projects at Hasanuddin University. MethodsThe research is a descriptive study with an observational approach. The sample in this study were all employees of Construction Projects in Hasanuddin University amounting 80 samples drawn using a purposive sampling method. The data analyzed using AS/NZS 4360 Risk Management Form. ResultIt was found that the types of activities that have an extreme level of risk are eyes exposed to sparks, feet being trampled or punctured by pieces of iron, electrocuted or shorted when using electricity in cutting tools, and exposed to paint or thinner so that breathing is disturbed and skin irritation with a value of each risk level 16. While the activities that have the highest extreme risk level with a risk level value of 20 are the roof frame collapsed and fell when installed. ConclusionsThe highest risk is roof truss installation work with the risk of the roof frame collapsing and falling during the installation.

Background for forming a unified methodological approach to risk assessment of new transport construction projects

In the most general case, the assessment of the risks of investment projects is carried out on the basis of a single standard methodological approach, sufficiently adapted to a large number of industry structures. However, new projects implemented in order to expand and radically modify the infrastructure of railway transport in the Russian Federation require clarification of the principles and provisions of existing approaches for their reasonable implementation. The reason for this lies in the sectoral features of the projects: the return on investment is longer than in other sectors; the social importance of new infrastructure facilities; attraction of budgetary resources to finance new transport construction projects. The article discusses the main prerequisites for the formation of a methodological approach to the analysis and assessment of the risks of construction of infrastructure facilities of railway transport. The author's approach to assessing the risks of projects for the construction of infrastructure facilities is proposed from the standpoint of their relationship with the characteristics of project stakeholders, which determines the directions of risk analysis at the current stage of project implementation and the consequences of the previous stages.

Risk Assessment and Prediction of Construction Project Based on 1D-CNN-Attention-BP

In order to solve the problem of low accuracy of construction project duration prediction, this paper proposes a CNN attention BP combination model project risk prediction model based on attention mechanism, one-dimensional convolutional neural network (1d-cnn) and BP neural network. Firstly, the literature analysis method is used to select the risk evaluation index value of construction project, and the attention mechanism is used to determine the weight of risk factors on construction period prediction; then, BP neural network is used to predict the project duration, and accuracy, cross entropy loss function and F1 score are selected to comprehensively evaluate the performance of 1d-cnn-attention-bp combined model. The experimental results show that the duration risk prediction accuracy of the risk prediction model proposed in this paper is more than 90%, which can meet the risk prediction of construction projects with high accuracy.

Development of algorithm for risk assessment of the large ring road construction project around Kyiv

One of the most important areas of development in Ukraine is the road sector. It belongs to the strategic sectors of the national economy, and the public road network is a significant component of Ukraine's infrastructure potential. The length and condition of road affects not only the safety and quality, mobility and employment, accessibility of educational and other services, but also causes changes in the temp and flow of capital in Ukraine, and is a necessary prerequisite for recovery competitiveness of the country's economy as a whole. Three international transport corridors pass through Ukraine, which are combined with four national transport corridors. They all pass through the Kyiv region. An urgent problem for Kyiv today is the construction of a Large Ring Road (hereinafter referred to as the "LRR") around Kyiv city, which should relieve the flow of transit transport through the capital of Ukraine, reduce harmful emissions from exhaust gases, and preserve the city roads from being destroyed by excessive vehicles, that are now creating a global city problem.

Risk Assessment of Construction Project in India

The main objective of this paper is to investigate the risk assessment of construction project commenced by Government, Private and Non-Governmental organization. The risk evaluation criteria are listed by taking into consideration the Delivery System, identifying process in project life cycle,planning process, analysis process, Classification process, Monitoring process, controlling process and Communication process of a construction project. Consequently the questionnaire was prepared and distributed to the related construction professionals. Subsequently the collected data was analyzed through statistical tool. The affecting factors were measured and ranked for various construction professionals[2]. The top major ways for avoiding the risk must be on consideration. The background and presented criteria of construction project risk assessment are provided and key findings from the analysis are presented here.

Is risk assessment matter in infrastructure projects on soft soils?

Infrastructure projects are not merely complicated but they require high investment costs and a considerable amount of resources and stakeholders are necessary to assure their performance. Infrastructure projects especially transportation projects like highway, bridge, etc. cover a significantly large area and involve a lot of different stakeholders as such they are high in risks and uncertainties compared to other types of projects. The large covered area has led to construction on different types of soils including soft soils. This will complicate the construction process. The results of the literature review showed that existing knowledge on risk assessment of infrastructure on soft soils is not merely insufficient. Some researchers have highlighted the importance of risk assessment in construction projects on soft soils. Hence, the aim of this research was to explore the perception of industry personnel about the significance of risk assessment in infrastructure projects. A questionnaire survey was designed and distributed to consultants and contractors in Malaysia. Data were analyzed based on the descriptive method. Results showed that industry people perceived that the level of risks and uncertainties of infrastructure projects on soft soils is higher than other types of soil. As such, the impact of infrastructure projects on soft soils on project cost performance will be more significant than other types of soil. Hence, construction industry professionals perceived that risk management is critical in mitigating risks especially in infrastructure projects on soft soils.

Study on Risk Assessment of Inland Nuclear Power Investment Construction Projects by Kazakhstan

This article is the first attempt to conduct a comprehensive evaluation of Kazakhstan’s inland nuclear power investment construction projects. Based on the summary of existing research results of scholars at home and abroad, a systematic analysis of the sustainable development model is made from the following four aspects to conduct safety evaluation research on domestic nuclear power construction in Kazakhstan: 1) Probabilistic safety evaluation for Kazakhstan’s inland nuclear power construction; 2) Public perceived risk evaluation for nuclear power construction in Kazakhstan; 3) Economic evaluation for recirculating systems of spent fuel; 4) Benefit risk evaluation for Kazakhstan’s inland nuclear power construction. Based on China’s multi-criteria decision analysis of dynamic system modeling, we add noise to the uncertain factors of the safety evaluation of Kazakhstan nuclear power investment projects and then perform noise reduction to refine our evaluation results. First of all, due to the non-convex optimization of tensor decomposition, there is no guarantee that the factorization will be determined by optimization. In addition, tensor decomposition can converge to different local optimal values corresponding to different initial values of the two tensors. Therefore, if the initialization value is set correctly, the result will be approximately optimal compared to the case where the initial value is far from the global optimal value.

Risk Assessment and Control in Construction Projects

Construction tasks are initiated in changing and complex environments results in circumstances of excessive uncertainty and danger, that are compounded by means of worrying time constraints. Construction industry has modified significantly during the last numerous years. It is the industry driven on the whole via non-public investors; the existence of securitized immovable property has multiplied considerably. It is prone to the business and numerous technical dangers which represent higher exposures than risks which are traditional. Thus there is a need of Risk Assessment. Risk Assessment is a Process to discover those risks in a assignment and manipulate it as a result with a right treatment. Assessment of Risk is described as a tool which identifies and measure risk to personnel and belongings impacted by an assignment. The general technique of this Study depends largely on the questionnaire survey which become accrued from the local constructing contractors of different sizes with the aid of mail or by way of personnel meeting. A thorough review of literature is to begin with carried out to discover the hazard elements that have an effect on the overall performance of creation enterprise as a whole. The questionnaire survey is designed to probe the cross-sectional behavioral sample of production risks . The questionnaire organized for the pilot survey turned into formulated by means of seeing the applicable literature within the vicinity of creation risk management. Total seventy five businesses the questionnaires have been given, in which forty five had an powerful respond and two of them were rejected due to flawed answering. Thus the reaction rate is 60% which is taken into consideration a terrific response in this kind of survey. This studies seeks to become aware of and assess the dangers and to increase a risk control framework which the contractors/investing body can adopt while contracting creation work in Kashmir.

Railway Construction Project Risk Assessment Techniques: Systematic Literature Review

Railway Construction Project Risk Assessment Techniques: Systematic Literature Review