A critical review of risk management support tools

It has been claimed by many researchers that "a risk driven approach" to project management is necessary to increase the success of construction projects. Literature is very rich in conceptual frameworks to overcome the informality of risk management efforts. However, risk management paradigms exist as methodologies rather than systems which can fully support the risk management process. The existing risk management support tools are usually based on quantitative risk analysis whereas the other phases are carried out external to the software. Risk registers and risk assessment tools are proposed as decision support systems which can only be used at specific stages of a construction project for specific purposes such as time/cost estimation at the bidding stage, country risk assessment during international market selection etc. Moreover, the proposed risk management support tools usually do not foster integration of risk management activities between the parties involved in the construction supply chain, do not consider impact of risks on all of the project success criteria, and can not handle subjectivity. In the recent years, the research has shifted to information and process models in which risks and response strategies may be identified, analysed and managed in a formal way by the use of database and model management systems. The major objective of this paper is to make a critical review of existing risk management support tools and propose development of a risk management corporate memory coupled with a decision support tool for successful management of risk.
ARCOM 2004, (1 - 03 Eylül 2004)


A Prototype Risk Management Decision Support Tool for Construction Projects
Arıkan, Ae; Dikmen Toker, İrem; Birgönül, Mustafa Talat (null; 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 int...
An exploratory study on utilization of BIM for risk management
Kaya, Hazal Deniz; Dikmen, İrem; Atasoy, Güzide; Birgönül, Mustafa Talat (İstanbul Teknik Üniversitesi; 2020-11-14)
It is a well-known fact that BIM application in construction projects enables several advantages such as better collaboration and communication, effective project visualization before construction, more efficient cost estimation and scheduling, and an increase in productivity. Although many of these advantages that BIM contributes to construction projects may result in opportunities for better risk management, there are limited studies in the construction management literature that investigate this subject....
From Risk Matrices to Risk Networks in Construction Projects
Qazi, Abroon; Dikmen Toker, İrem (2019-01-01)
Risk management is considered as a vital process contributing to the successful outcome of a complex construction project in terms of achieving the associated project objectives. The widely used industrial practice in managing construction project risks is to assign probability and impact values to each risk and to map risks on a risk matrix. The main criticism of this practice relates to ignoring complex interdependencies between risks and using point estimates for probability and impact values. Furthermor...
Application of a risk visualization framework using semantic risk data to empower risk communication
Ertaymaz, Muzaffer Uğurcan; Atasoy Özcan, Güzide; Department of Civil Engineering (2020)
Risk communication is one of the major factors that effects the success of a project. Conventional risk management focuses on risk checklists and matrices, and considerable amount of risk information is discarded and not communicated. Without communicating the necessary risk information, risk management strategies cannot be applied effectively. The purpose of this study is to develop a systematic and practical risk visualization framework that shall improve the risk communication strategies. The proposed fr...
An Integrated regression-bootstrap sampling scheduling method for probabilistic duration range estimation of construction projects
Barış, Özgür; Sönmez, Rifat; Department of Civil Engineering (2019)
The estimation of project duration is important in construction projects, since it directly affects the costs and the success of the projects. Schedule risks can be determined along with the duration estimations in order to assess the possibility of delay penalties and additional costs. Therefore, the accuracy of the estimation of project duration range is very crucial in construction industry to assess the schedule risks. This thesis presents an integrated approach of non-parametric bootstrap sampling meth...
Citation Formats
İ. Dikmen Toker and M. T. Birgönül, “A critical review of risk management support tools,” presented at the ARCOM 2004, (1 - 03 Eylül 2004), 2004, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/88193.