A risk assessment and monitoring system using a total risk index

Due to the high uncertainties incorporated in performing international construction projects, a risk-based intelligent agent system with a risk assessment and monitoring module is developed to support the practitioners in managing the overall construction life cycle. The assessment of the risks are demonstrated through the Total Risk Index (TRI),which consists of the Analytic Hierarchy Process (AHP) for relative importance within each risk category and risk quantification method, in selecting the level of probability, impact, and the significance of the individual risk factors. Through the derived result of the TRI, the different phases of a construction project can be monitored, as well as deriving the risk factors that are to be managed in priority. Furthermore, in-depth survey databases of previous construction projects are supported to present the management guideline and the hedge strategy trend of each risk. Efficient management and monitoring of risks in the overall lifecycle of a construction project is expected to result in a successful project outcome.