Structural Network Measures for Risk Assessment of Construction Projects

Abstract

Risk assessment is an integral part of project management; however, its implementation is often challenging. One of the key challenges is how to collect reliable data for modeling risks. The objective of this paper is to introduce a network-based approach for risk assessment when data is limited or unreliable. The proposed structural network measures focus on relative connectivity of project tasks, resources, and risk events; or in other words, the data that are typically available from project planning and considered more reliable. The central concept is built upon the method called resource-based project risk management, which involves the identification and assessment of risks in terms of resource impacts and the subsequent effects on duration and/or cost of project tasks. The proposed methodology is illustrated using case study data.