A proposed fuzzy-based optimisation model for evaluating construction projects' risk response strategies
A proposed fuzzy-based optimisation model for evaluating construction projects' risk response strategies
The construction industry is vulnerable to a variety of risks that can significantly affect project outcomes, including cost overruns, delays, and quality weaknesses. The effective management of construction risks is crucial to ensuring that projects are finished on time, within budget, and to the required quality standards. In order to address this issue, this paper develops a Fuzzy-based optimisation model for selecting the most appropriate construction risk response strategies by surveying construction experts in Iraq. A two-step research methodology was employed for data collection and analysis. In the first step, the Delphi technique was used to (1) identify the risks facing the construction industry in Iraq,(2) identify suitable response strategies for each risk factor, and (3) identify the decision components of risk response strategies. In the second step, a Fuzzy-based optimisation model for response strategies selection was developed, and a questionnaire survey was administered to evaluate the probability and impact of each risk and the decision components associated with each risk response strategy. The outputs of this research can assist decision-makers in evaluating the effectiveness of the strategies used to mitigate risks, enabling them to make informed decisions. Additionally, it can aid in gaining a deeper understanding of decision-makers' behaviour when making risk-based decisions with profound uncertainties, ultimately resulting in the development of improved response strategies.
Construction Risk Management, Fuzzy-based Optimisation Model, Delphi Technique, Risk Response Strategies, Decision Components, Construction Industry
Al-Mhdawi, M.K.S
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O'Connor, Alan
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Qazi, Abroon
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Dacre, Nicholas
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Al-Saedi, Mohammed Wajar
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3 August 2023
Al-Mhdawi, M.K.S
aacc2491-af9e-4b06-b004-f2d95197f820
O'Connor, Alan
08031589-ede1-42c5-af82-78201813a933
Qazi, Abroon
9ef4fdc7-0a1a-4805-a46c-5d210b523517
Dacre, Nicholas
90ea8d3e-d0b1-4a5a-bead-f95ab32afbd1
Al-Saedi, Mohammed Wajar
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Al-Mhdawi, M.K.S, O'Connor, Alan, Qazi, Abroon, Dacre, Nicholas and Al-Saedi, Mohammed Wajar
(2023)
A proposed fuzzy-based optimisation model for evaluating construction projects' risk response strategies.
14th International Conference on Applications of Statistics and Probability in Civil Engineering, , Dublin, Ireland.
9 pp
.
Record type:
Conference or Workshop Item
(Paper)
Abstract
The construction industry is vulnerable to a variety of risks that can significantly affect project outcomes, including cost overruns, delays, and quality weaknesses. The effective management of construction risks is crucial to ensuring that projects are finished on time, within budget, and to the required quality standards. In order to address this issue, this paper develops a Fuzzy-based optimisation model for selecting the most appropriate construction risk response strategies by surveying construction experts in Iraq. A two-step research methodology was employed for data collection and analysis. In the first step, the Delphi technique was used to (1) identify the risks facing the construction industry in Iraq,(2) identify suitable response strategies for each risk factor, and (3) identify the decision components of risk response strategies. In the second step, a Fuzzy-based optimisation model for response strategies selection was developed, and a questionnaire survey was administered to evaluate the probability and impact of each risk and the decision components associated with each risk response strategy. The outputs of this research can assist decision-makers in evaluating the effectiveness of the strategies used to mitigate risks, enabling them to make informed decisions. Additionally, it can aid in gaining a deeper understanding of decision-makers' behaviour when making risk-based decisions with profound uncertainties, ultimately resulting in the development of improved response strategies.
Text
Al-Mhdawi_OConnor_Qazi_Dacre_Al-Saedi_Applications_of_Statistics_and_Probability_in_Civil_Engineering
- Accepted Manuscript
More information
Published date: 3 August 2023
Additional Information:
This study is relevant for project leaders and researchers, particularly within the construction industry, by advancing the understanding of risk management through the development of a Fuzzy-based optimisation model. The study, conducted with construction experts employs a Delphi technique to identify and evaluate risk response strategies, ensuring their practical applicability in real-world scenarios. The integration of expert judgement and systematic analysis provides a comprehensive framework for decision-makers to effectively mitigate risks, thereby enhancing project outcomes in terms of time, cost, and quality. This work not only contributes to the existing body of knowledge but also offers actionable insights for improving risk management practices in construction projects globally.
Venue - Dates:
14th International Conference on Applications of Statistics and Probability in Civil Engineering, , Dublin, Ireland, 2023-08-03
Keywords:
Construction Risk Management, Fuzzy-based Optimisation Model, Delphi Technique, Risk Response Strategies, Decision Components, Construction Industry
Identifiers
Local EPrints ID: 492471
URI: http://eprints.soton.ac.uk/id/eprint/492471
PURE UUID: 732170bf-ea71-4a00-a7b8-b9ed99a2bb1f
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Date deposited: 29 Jul 2024 16:58
Last modified: 08 Nov 2024 02:56
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Contributors
Author:
M.K.S Al-Mhdawi
Author:
Alan O'Connor
Author:
Abroon Qazi
Author:
Mohammed Wajar Al-Saedi
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