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Modelling global risk factors affecting construction cost performance
journal contributionposted on 2014-06-20, 09:00 authored by Daniel Baloi, Andrew Price
This paper discusses the core issues of global risk factors modelling, assessment and management. The research reported upon forms part of a larger study that aims to develop a fuzzy decision framework for contractors to handle global risk factors affecting construction cost performance at a project level. Major global risk factors affecting cost performance were identified through an extensive literature review and preliminary discussions with construction contractors. The main decision perspectives namely normative and behavioural were explored. Different decision-making technologies, both classical and emergent, such as classical management science techniques and DSSs, KBSs were explored and evaluated. Preliminary indications show that Fuzzy Set Theory is a viable technology for modelling, assessing and managing global risk factors affecting construction cost performance and thus a fuzzy decision framework for risk management can be successfully developed. © 2003 Elsevier Science Ltd and IPMA. All rights reserved.
- Architecture, Building and Civil Engineering
Published inInternational Journal of Project Management
Pages261 - 269
CitationBALOI, D. and PRICE A.D.F., 2003. Modelling global risk factors affecting construction cost performance. International Journal of Project Management, 21 (4), pp. 261 - 269.
- VoR (Version of Record)