A risk assessment and monitoring system using a total risk index

Jung Ki Lee, Kang Wook Lee, Yeonho Lee, Seung Heon Han

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

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.

Original languageEnglish
Title of host publicationAdvances in Civil Engineering and Building Materials IV - Selected and Peer Reviewed Papers from the 2014 4th International Conference on Civil Engineering and Building Materials, CEBM 2014
EditorsAdel Abdulmajeed M. Husain, Shuenn-Yih Chang, Suad Khalid Al Bahar, Jingying Zhao
PublisherCRC Press/Balkema
Pages309-314
Number of pages6
ISBN (Print)9781138000889
Publication statusPublished - 2015 Jan 1
Event4th International Conference on Civil Engineering and Building Materials, CEBM 2014 - Hong Kong, China
Duration: 2014 Nov 152014 Nov 16

Publication series

NameAdvances in Civil Engineering and Building Materials IV - Selected and Peer Reviewed Papers from the 2014 4th International Conference on Civil Engineering and Building Materials, CEBM 2014

Other

Other4th International Conference on Civil Engineering and Building Materials, CEBM 2014
CountryChina
CityHong Kong
Period14/11/1514/11/16

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All Science Journal Classification (ASJC) codes

  • Civil and Structural Engineering

Cite this

Lee, J. K., Lee, K. W., Lee, Y., & Han, S. H. (2015). A risk assessment and monitoring system using a total risk index. In A. A. M. Husain, S-Y. Chang, S. K. A. Bahar, & J. Zhao (Eds.), Advances in Civil Engineering and Building Materials IV - Selected and Peer Reviewed Papers from the 2014 4th International Conference on Civil Engineering and Building Materials, CEBM 2014 (pp. 309-314). (Advances in Civil Engineering and Building Materials IV - Selected and Peer Reviewed Papers from the 2014 4th International Conference on Civil Engineering and Building Materials, CEBM 2014). CRC Press/Balkema.