Risk management in construction projects using fuzzy logic

Traditionally, many risk analysis models are based on quantitative techniques, which require numerical data. When the available data from previous projects is enough, it is possible to define some probabilistic values and functions, and work with them. If the available data is incomplete or simply does not exist for some project conditions, it will be very difficult to assign some numbers to the probability of occurrence of any event, or to specify a probabilistic function that fits the involved process. This situation complicates the possibility of getting some numerical representation of the risk. Fuzzy logic appears like an ideal tool for solving this problem. In the paper, a risk management fuzzy logic model for construction projects is developed. The model can be used as a tool for comparing different construction projects from the point of view of the risk involved in their execution.