A Prototype Risk Management Decision Support Tool for Construction Projects

2009-09-30
Although risk management (RM) is accepted as one of the critical success factors for construction projects, project participants generally do not have sufficient knowledge pertinent to RM concept and the number of support tools which facilitate the process is rather low. Decision support tools are necessary for the systematic identification of risks, scenario generation, and proactive management of risk and integration of RM activities with other project management functions. The aim of this study is to introduce a conceptual RM model and a prototype RM decision support system which is specifically developed for construction companies. The proposed decision support system, namely Integrated Risk Management System (IRMS), is designed to support the user at all phases of the RM process and to assist cost estimation in the bid preparation stage. The performance of the tool is tested on six international construction projects. Results demonstrate that IRMS can be used effectively for systematic management of risks and its prediction capability is high. Shortcomings of the tool and necessary refinements are also reported.

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Citation Formats
A. Arıkan, İ. Dikmen Toker, and M. T. Birgönül, “A Prototype Risk Management Decision Support Tool for Construction Projects,” 2009, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/81528.