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Towards a Better Modelling and Assessment of Construction Risk: Insights from a Literature Review

Taroun, Abdulmaten (2014) Towards a Better Modelling and Assessment of Construction Risk: Insights from a Literature Review. International Journal of Project Management, 32 (1). pp. 101-115. ISSN 0263-7863

[img] Text (Critical Literature Review of Project Risk Analysis)
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Abstract

This paper reviews the literature of construction risk modelling and assessment. It also reviews the real practice of risk assessment. The review resulted in significant results, summarised as follows. There has been a major shift in risk perception from an estimation variance into a project attribute. Although the Probability–Impact risk model is prevailing, substantial efforts are being put to improving it reflecting the increasing complexity of construction projects. The literature lacks a comprehensive assessment approach capable of capturing risk impact on different project objectives. Obtaining a realistic project risk level demands an effective mechanism for aggregating individual risk assessments. The various assessment tools suffer from low take-up; professionals typically rely on their experience. It is concluded that a simple analytical tool that uses risk cost as a common scale and utilises professional experience could be a viable option to facilitate closing the gap between theory and practice of risk assessment.

Item Type: Article
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Uncontrolled Keywords: construction, literature review, project management, risk assessment, risk assessment practice, risk cost, risk modelling
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Divisions: Academic Departments > Worcester Business School
Related URLs:
Depositing User: Abdulmaten Taroun
Date Deposited: 14 Jul 2016 09:25
Last Modified: 14 Jul 2016 09:25
URI: https://eprints.worc.ac.uk/id/eprint/4637

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