Decision Support System for Risk Quantification in Construction Projects

摘要

Construction projects fail to achieve the cost and time related objectives due to inherent risks. Risk and uncertainty affect all types of construction projects. This is because of the complex nature of projects and an environment in which these projects are being executed. Speed of construction, location of project, material delivery times, completion times for various activities and costs associated with it, quality of works completed by sub agencies etc. are some of the reasons that may lead to project risks. This results in non achievement of project objectives. Risk management is a project management tool that can manage internal as well as external risks to the projects. Risk quantification, which is an important and essential part of risk management helps in estimating the risk exposure as well as the size of cost and schedule contingency reserves that may be needed. In this paper, a Decision Support System is proposed which shall help in decision making in context of risk response.