Risk Analysis Techniques in Construction Engineering Projects

Abstract

There is a great deal of risk analysis techniques and tools available for the management of risks. In principle, each risk analysis technique has its strengths and weaknesses. Techniques such as Probability Theory, Certainty Factors, Dempster-Shaffer Theory of Evidence and Fuzzy Logic are discussed with regard to their application to risk analysis in construction engineering projects. Suggestions on the most appropriate tools associated with the techniques are also presented. The strengths and weaknesses of each technique are highlighted and discussed. It has been concluded that the nature of risks under consideration is determinant in the selection of modeling and analysis techniques.