TY - GEN
T1 - A risk assessment and monitoring system using a total risk index
AU - Lee, Jung Ki
AU - Lee, Kang Wook
AU - Lee, Yeonho
AU - Han, Seung Heon
PY - 2015
Y1 - 2015
N2 - 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.
AB - 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.
UR - http://www.scopus.com/inward/record.url?scp=84960119359&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=84960119359&partnerID=8YFLogxK
U2 - 10.1201/b18415-71
DO - 10.1201/b18415-71
M3 - Conference contribution
AN - SCOPUS:84960119359
SN - 9781138000889
T3 - 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
SP - 309
EP - 314
BT - 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
A2 - Chang, Shuenn-Yih
A2 - Bahar, Suad Khalid Al
A2 - Husain, Adel Abdulmajeed M.
A2 - Zhao, Jingying
PB - CRC Press/Balkema
T2 - 4th International Conference on Civil Engineering and Building Materials, CEBM 2014
Y2 - 15 November 2014 through 16 November 2014
ER -