A risk assessment and monitoring system using a total risk index

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

doi:10.1201/b18415-71

A risk assessment and monitoring system using a total risk index

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

Department of Civil and Environmental Engineering

Research output: Chapter in Book/Report/Conference proceeding › Conference 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 language	English
Title of host publication	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
Editors	Shuenn-Yih Chang, Suad Khalid Al Bahar, Adel Abdulmajeed M. Husain, Jingying Zhao
Publisher	CRC Press/Balkema
Pages	309-314
Number of pages	6
ISBN (Print)	9781138000889
DOIs	https://doi.org/10.1201/b18415-71
Publication status	Published - 2015
Event	4th International Conference on Civil Engineering and Building Materials, CEBM 2014 - Hong Kong, China Duration: 2014 Nov 15 → 2014 Nov 16

Publication series

Name	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

Other

Other	4th International Conference on Civil Engineering and Building Materials, CEBM 2014
Country/Territory	China
City	Hong Kong
Period	14/11/15 → 14/11/16

Bibliographical note

Publisher Copyright:
© 2015 Taylor & Francis Group, London.

All Science Journal Classification (ASJC) codes

Civil and Structural Engineering

Access to Document

10.1201/b18415-71

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 S-Y. Chang, S. K. A. Bahar, A. A. M. Husain, & 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. https://doi.org/10.1201/b18415-71

Lee, Jung Ki ; Lee, Kang Wook ; Lee, Yeonho ; Han, Seung Heon. / A risk assessment and monitoring system using a total risk index. 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. editor / Shuenn-Yih Chang ; Suad Khalid Al Bahar ; Adel Abdulmajeed M. Husain ; Jingying Zhao. CRC Press/Balkema, 2015. 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).

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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.",

author = "Lee, {Jung Ki} and Lee, {Kang Wook} and Yeonho Lee and Han, {Seung Heon}",

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Lee, JK, Lee, KW, Lee, Y & Han, SH 2015, A risk assessment and monitoring system using a total risk index. in S-Y Chang, SKA Bahar, AAM Husain & 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. 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, pp. 309-314, 4th International Conference on Civil Engineering and Building Materials, CEBM 2014, Hong Kong, China, 14/11/15. https://doi.org/10.1201/b18415-71

A risk assessment and monitoring system using a total risk index. / Lee, Jung Ki; Lee, Kang Wook; Lee, Yeonho; Han, Seung Heon.

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. ed. / Shuenn-Yih Chang; Suad Khalid Al Bahar; Adel Abdulmajeed M. Husain; Jingying Zhao. CRC Press/Balkema, 2015. p. 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).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

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Lee JK, Lee KW, Lee Y, Han SH. A risk assessment and monitoring system using a total risk index. In Chang S-Y, Bahar SKA, Husain AAM, Zhao J, editors, 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. 2015. p. 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). https://doi.org/10.1201/b18415-71

A risk assessment and monitoring system using a total risk index

Abstract

Publication series

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Bibliographical note

All Science Journal Classification (ASJC) codes

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