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Modelling global risk factors affecting construction cost performance

journal contribution
posted on 20.06.2014, 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.

History

School

  • Architecture, Building and Civil Engineering

Published in

International Journal of Project Management

Volume

21

Issue

4

Pages

261 - 269

Citation

BALOI, 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.

Publisher

© Elsevier

Version

VoR (Version of Record)

Publication date

2003

Notes

Closed access.

ISSN

0263-7863

Language

en