A proposed fuzzy-based optimisation model for evaluating construction projects' risk response strategies

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.

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