Methodology for determining the most severe risks of a construction project and identification of risky projects

Abstract: Construction projects involve very different kinds of risks of distinct natures and demand an agile and flexible risk assessment methodology. This study has analyzed scholarly literature and best practices to find current weaknesses. Two main solutions are presented in this paper in respon...

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Autores principales:	Vegas-Fernández,Fernando, Rodríguez-López,Fernando
Lenguaje:	English
Publicado:	Escuela de Construcción Civil, Pontificia Universidad Católica de Chile 2018
Materias:	Risk indicator overall risk weighting case study risk report.
Acceso en línea:	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2018000300423
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spelling	oai:scielo:S0718-915X20180003004232019-03-28Methodology for determining the most severe risks of a construction project and identification of risky projectsVegas-Fernández,FernandoRodríguez-López,Fernando Risk indicator overall risk weighting case study risk report. Abstract: Construction projects involve very different kinds of risks of distinct natures and demand an agile and flexible risk assessment methodology. This study has analyzed scholarly literature and best practices to find current weaknesses. Two main solutions are presented in this paper in response to the findings of the analysis: a general purpose, quantitative key risk indicator, the “Risk Visibility Factor” (Fv), that yields a single linear 0-100 value for each risk event out of its impact and likelihood; and a summarizing method based on Fv to obtain the overall risk for two or more risk events, expressed as a single equivalent risk event with its own impact and likelihood. The first solution improves current risk assessment by providing a more intuitive and understandable indicator to rate risks and projects; the second one, with recursive capability, allows risk scenarios (e.g., projects) to be seen as single risk event, without any kind of limitation on the number and nature of risks, making it easier to compare the risk severity of distinct projects. Both solutions can be used to define the risk appetite and to compare with it any risk event or scenario.info:eu-repo/semantics/openAccessEscuela de Construcción Civil, Pontificia Universidad Católica de ChileRevista de la construcción v.17 n.3 20182018-12-01text/htmlhttp://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2018000300423en10.7764/rdlc.17.3.423
institution	Scielo Chile
collection	Scielo Chile
language	English
topic	Risk indicator overall risk weighting case study risk report.
spellingShingle	Risk indicator overall risk weighting case study risk report. Vegas-Fernández,Fernando Rodríguez-López,Fernando Methodology for determining the most severe risks of a construction project and identification of risky projects
description	Abstract: Construction projects involve very different kinds of risks of distinct natures and demand an agile and flexible risk assessment methodology. This study has analyzed scholarly literature and best practices to find current weaknesses. Two main solutions are presented in this paper in response to the findings of the analysis: a general purpose, quantitative key risk indicator, the “Risk Visibility Factor” (Fv), that yields a single linear 0-100 value for each risk event out of its impact and likelihood; and a summarizing method based on Fv to obtain the overall risk for two or more risk events, expressed as a single equivalent risk event with its own impact and likelihood. The first solution improves current risk assessment by providing a more intuitive and understandable indicator to rate risks and projects; the second one, with recursive capability, allows risk scenarios (e.g., projects) to be seen as single risk event, without any kind of limitation on the number and nature of risks, making it easier to compare the risk severity of distinct projects. Both solutions can be used to define the risk appetite and to compare with it any risk event or scenario.
author	Vegas-Fernández,Fernando Rodríguez-López,Fernando
author_facet	Vegas-Fernández,Fernando Rodríguez-López,Fernando
author_sort	Vegas-Fernández,Fernando
title	Methodology for determining the most severe risks of a construction project and identification of risky projects
title_short	Methodology for determining the most severe risks of a construction project and identification of risky projects
title_full	Methodology for determining the most severe risks of a construction project and identification of risky projects
title_fullStr	Methodology for determining the most severe risks of a construction project and identification of risky projects
title_full_unstemmed	Methodology for determining the most severe risks of a construction project and identification of risky projects
title_sort	methodology for determining the most severe risks of a construction project and identification of risky projects
publisher	Escuela de Construcción Civil, Pontificia Universidad Católica de Chile
publishDate	2018
url	http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0718-915X2018000300423
work_keys_str_mv	AT vegasfernandezfernando methodologyfordeterminingthemostsevererisksofaconstructionprojectandidentificationofriskyprojects AT rodriguezlopezfernando methodologyfordeterminingthemostsevererisksofaconstructionprojectandidentificationofriskyprojects
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Methodology for determining the most severe risks of a construction project and identification of risky projects

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