Knowledge-based approaches to project risk management

Project risk management has not yet really penetrated into the construction industry as opposed to other industries where risk management is a common element in management. Empirical studies show a large savings potential, but at the same time, some important "technical" barriers to a successful introduction of project risk management. An important issue is the absence of structured knowledge sources about construction risks. Knowledge is essential for a proper risk management, and this paper outlines some guidance in how to move on towards knowledge-based project risk management in construction. A number of approaches are presented and important research issues are outlined and discussed. We tentatively conclude that construction risk knowledge is likely to be case-based, likewise we suggest that further development in this field is depending on a deeper understanding of the nature of construction risk knowledge.