Development of a Risk Assessment System for Construction Projects

The construction industry is exposed to a number of risks which adversely affect the project objectives. Existing research efforts on construction risk management have not led to the development of generally applicable tools for practical use. The present study aims to develop a system for risk assessment in construction projects. Risks are related to risk generating factors in regard to particular project success factors and aggregated at different risk group levels. The Analytic Hierarchy Process method is used to determine the influence of risk generating factors and the relative importance among risks, while risk assessment is obtained through a multi-criteria model. The system is used to reveal the main risk-generating factors, to provide risk assessment based on the project characteristics and the deployment conditions, and to assist effectiveness evaluation of certain risk response measures.