Risk assessment of construction projects using Monte Carlo simulation

PurposeThis paper aims to develop a process for prioritizing project risks that integrates the decision-maker's risk attitude, uncertainty about risks both in terms of the associated probability and impact ratings, and correlations across risk assessments.Design/methodology/approachThis paper a...

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Published in:International journal of managing projects in business Vol. 14; no. 5; pp. 1202 - 1218
Main Authors: Qazi, Abroon, Simsekler, Mecit Can Emre
Format: Journal Article
Language:English
Published: Bingley Emerald Publishing Limited 06.07.2021
Emerald Group Publishing Limited
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ISSN:1753-8378, 1753-8386
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Abstract PurposeThis paper aims to develop a process for prioritizing project risks that integrates the decision-maker's risk attitude, uncertainty about risks both in terms of the associated probability and impact ratings, and correlations across risk assessments.Design/methodology/approachThis paper adopts a Monte Carlo Simulation-based approach to capture the uncertainty associated with project risks. Risks are prioritized based on their relative expected utility values. The proposed process is operationalized through a real application in the construction industry.FindingsThe proposed process helped in identifying low-probability, high-impact risks that were overlooked in the conventional risk matrix-based prioritization scheme. While considering the expected risk exposure of individual risks, none of the risks were located in the high-risk exposure zone; however, the proposed Monte Carlo Simulation-based approach revealed risks with a high probability of occurrence in the high-risk exposure zone. Using the expected utility-based approach alone in prioritizing risks may lead to ignoring few critical risks, which can only be captured through a rigorous simulation-based approach.Originality/valueMonte Carlo Simulation has been used to aggregate the risk matrix-based data and disaggregate and map the resulting risk profiles with underlying distributions. The proposed process supported risk prioritization based on the decision-maker's risk attitude and identified low-probability, high-impact risks and high-probability, high-impact risks.
AbstractList PurposeThis paper aims to develop a process for prioritizing project risks that integrates the decision-maker's risk attitude, uncertainty about risks both in terms of the associated probability and impact ratings, and correlations across risk assessments.Design/methodology/approachThis paper adopts a Monte Carlo Simulation-based approach to capture the uncertainty associated with project risks. Risks are prioritized based on their relative expected utility values. The proposed process is operationalized through a real application in the construction industry.FindingsThe proposed process helped in identifying low-probability, high-impact risks that were overlooked in the conventional risk matrix-based prioritization scheme. While considering the expected risk exposure of individual risks, none of the risks were located in the high-risk exposure zone; however, the proposed Monte Carlo Simulation-based approach revealed risks with a high probability of occurrence in the high-risk exposure zone. Using the expected utility-based approach alone in prioritizing risks may lead to ignoring few critical risks, which can only be captured through a rigorous simulation-based approach.Originality/valueMonte Carlo Simulation has been used to aggregate the risk matrix-based data and disaggregate and map the resulting risk profiles with underlying distributions. The proposed process supported risk prioritization based on the decision-maker's risk attitude and identified low-probability, high-impact risks and high-probability, high-impact risks.
Author Qazi, Abroon
Simsekler, Mecit Can Emre
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  surname: Qazi
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  givenname: Mecit Can Emre
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  surname: Simsekler
  fullname: Simsekler, Mecit Can Emre
  email: emre.simsekler@ku.ac.ae
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Keywords Risk matrix
Risk attitude
Risk assessment
Monte Carlo simulation
Project risks
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– year: 2020
  ident: key2022041311153894900_ref022
  article-title: Risk matrix driven supply chain risk management: adapting risk matrix based tools to modelling interdependent risks and risk appetite
  publication-title: Computers and Industrial Engineering
– volume: 145
  issue: 5
  year: 2019
  ident: key2022041311153894900_ref036
  article-title: Improved decision model for evaluating risks in construction projects
  publication-title: Journal of Construction Engineering and Management
SSID ssj0069411
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Snippet PurposeThis paper aims to develop a process for prioritizing project risks that integrates the decision-maker's risk attitude, uncertainty about risks both in...
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emerald
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SubjectTerms Attitudes
Construction industry
Expected utility
Fuzzy sets
Monte Carlo simulation
Product development
Project management
Risk assessment
Risk exposure
Title Risk assessment of construction projects using Monte Carlo simulation
URI https://www.emerald.com/insight/content/doi/10.1108/IJMPB-03-2020-0097/full/html
https://www.proquest.com/docview/2548967768
Volume 14
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