State-of-the-Art Review on Risk Modeling and Assessment in Construction Projects – from 1983 to 2015

The main tools for decision making in project management is the information that isprovided by project planning teams. The information such as activities time, cost and thelevel of resource, organizes the project progress reports. Duration and cost of each projectactivity could change dynamically as a result of many uncertain variables, such as resourceavailability and weather. Therefore, project managers have to take these uncertainties in toaccount so as to provide an optimal balance of time and cost, based on their own knowledgeand experience. The uncertainties that must be managed in each project are categorized in two maingroups; First group covers non-probable uncertainties that are related to project nature and itscomplexity that managed by possibility based Methods and the second group includes probableuncertainties which are managed by risk management. No construction project is risk free. Risk canbe managed, minimized, shared, transferred or accepted. Several risk identification and assessmentmethods have been proposed in the literature to facilitate project risk management. Although riskassessment is probably the most difficult component of the risk management process, it is potentiallythe most useful and it has been claimed by many researchers that a risk driven approach to projectmanagement is necessary the success of construction projects. This paper aims to comprehensivelyreview the Risk Modeling and Assessment in Construction Projects literature that has been publishedin top quality journals from 1983 up to 2015.

کلیدواژه ها:

Risk Management ، Risk Modeling and Assessment ، possibility ، uncertainty