A generic risk and vulnerability assessment framework for international construction projects

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2008
Özcan, Gülbin
Project Risk Management (PRM) comprises of identification and assessment, analysis and mitigation of risk factors in order to meet the project objectives. Risk identification and assessment process has the greatest importance as the risk models are constructed based on previously defined risk sources and their interrelations. Although previous studies have concentrated on the relation between risk events and their consequences, the link between them must be modeled by considering the various chains of risk events and the capacity of a “system” to react to risk events simultaneously. The concept of “risk paths” should be used to identify chains of risk events by means of a Hierarchical Risk Breakdown Structure (HRBS) rather than defining individual risk factors. The “system” consists of the characteristics of the project, company and involved parties. The word “vulnerability” is used to describe the degree v to which a project is susceptible to adverse effects of change. The aim of the current study is to develop a common vocabulary and design a HRBS that integrates vulnerability factors with risk factors. A generic risk and vulnerability assessment framework for international construction projects is presented in this research. The justification of the factors considered within the breakdown structure has been achieved by referring to real construction projects carried out by Turkish contractors in international markets.

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Citation Formats
G. Özcan, “A generic risk and vulnerability assessment framework for international construction projects,” M.S. - Master of Science, Middle East Technical University, 2008.