Construction Project Risk Assessment Using Existing Database and Project-Specific Information

Abstract

This paper develops a risk assessment methodology for construction projects by combining existing large quantities of data and project-specific information through updating approaches. Earlier studies have indicated that risk assessment is still difficult for practicing engineers to use due to the requirement of data on too many input variables. However, the availability of existing large quantities of data and project-specific information makes it possible to simplify the risk assessment procedure. Two main ideas are pursued in this paper to facilitate practical implementation: identify and evaluate the critical risk events, and develop a systematic updating methodology. Both epistemic and aleatory types of uncertainties in the data are considered, and corresponding updating procedures are developed. The proposed methodology is illustrated for the construction risk assessment of a cable-stayed bridge.