Overview of Risk Assessment

A broad overview of the process of risk assessment/analysis in the construction industry is provided in this paper. Motivations for risk analysis, the issue of cost overrun and delays, and transportation agency approaches in conducting risk assessments are described in this paper. A framework for the conduct of risk analysis is also presented. Steps involved in risk analysis consisting of risk identification, quantification, mitigation, and implementation are described. The paper ends by reporting the results of a recent survey on the Construction Management (CM) industry. In this survey, CMs responded to various questions about the prevalence of risk assessment practice in the industry, methods used, type of clients who demand risk assessments, impediments to the success of, and benefits of the risk analysis process.

• Corporate Authors:

  Institute of Transportation Engineers (ITE)

  Washington, DC  United States 
• Authors:
  • Touran, Ali
• Conference:
  • ITE 2007 Annual Meeting and Exhibit
  • Location: Pittsburgh PA, United States
  • Date: 2007-8-5 to 2007-8-8
• Publication Date: 2007

Language

• English

Media Info

• Media Type: Digital/other
• Features: Figures; References; Tables;
• Pagination: 9p
• Monograph Title: 2007 Annual Meeting and Exhibit Compendium of Technical Papers

Subject/Index Terms

• TRT Terms: Construction management; Construction projects; Cost overruns; Risk analysis; Surveys
• Uncontrolled Terms: Construction delays
• Subject Areas: Administration and Management; Construction; I10: Economics and Administration;

Filing Info

• Accession Number: 01363349
• Record Type: Publication
• Files: TRIS
• Created Date: Feb 23 2012 2:38PM