Tah, J H M; Aouad, G; Lee, A and Wu, S (2004) Conceptual information modelling for risk analysis and management in an nD-modelling environment. Journal of Construction Procurement, 10(1),
Abstract
The construction industry, more than most industries, is particularly plagued by risk, but it has been slow in realising the potential benefits of sound and systematic risk management. A literature review of the risk analysis and management process indicates that much focus has been on quantitative risk analysis based on estimating probabilities and probability distributions for time. Dissatisfaction with the inability of probabilistic methods to handle the subjectivity inherent in risk assessments effectively, has led to research into knowledge-based systems approaches which have yet to be developed to be robust and scalable enough to be used in practise. Contemporary risk analysis has moved away from the narrow focus on time and cost towards the consideration of a multitude of project performance measures including quality, safety, and environment. The paper presents information models that integrate risk management, project management, and product information which can be implemented in an nD-modelling environment to facilitate simultaneous consideration of the effects of risks on a multiple project performance measures.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | risk analysis, risk management, risk process model, risk information model, nD-modelling |
| Index terms: | product information, knowledge-based system, information modelling, probability distribution, modelling, construction industry, project management, risk assessment, quantitative risk analysis, risk management, project performance, literature review, subjectivity, risk analysis, estimating |
| Subjects: | digital design, financial risk, environmental hazards, innovation studies, human factors and perception, analytical methods, project management theory and practice, industry analysis, statistical analysis, risk assessment, artificial intelligence, data analysis and analytics, financial and cost management |
| Topics: | Project Management, Engineering Principles, Risk Management, Sustainability, Cost Management, Business Strategy, Research Practice, Digital Applications |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here