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Risk assessment with multi-attribute utility theory for building projects

Risk assessment with multi-attribute utility theory for building projects Construction has a complex environment, surrounded by ambiguous or incomplete information, with multiple goals and various stakeholders. In this environment, risk management is a challenging task, and it is usually treated superficially or ignored. In small and medium construction projects, risk management practice presents a higher challenge because of their limited resources. To achieve success, every construction project, regardless of size and importance, depends on risk identification and analysis. The aim of this paper is to apply a multiple criteria decision-aid to achieve a risk hierarchy in residential building projects. The method comprised applying the Multi-attribute Utility Theory (MAUT) to estimate the major risks factors in three types of projects. In terms of quality, time, and cost, the results indicate the major risks. This research presents a decision-aid method that covers the manager’s experience; hence, the framework is useful for reaching a risk ranking that may affect the planning phase of residential buildings. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Building Pathology and Rehabilitation Springer Journals

Risk assessment with multi-attribute utility theory for building projects

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References (38)

Publisher
Springer Journals
Copyright
Copyright © The Author(s), under exclusive licence to Springer Nature Switzerland AG 2022. Springer Nature or its licensor holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
ISSN
2365-3159
eISSN
2365-3167
DOI
10.1007/s41024-022-00241-7
Publisher site
See Article on Publisher Site

Abstract

Construction has a complex environment, surrounded by ambiguous or incomplete information, with multiple goals and various stakeholders. In this environment, risk management is a challenging task, and it is usually treated superficially or ignored. In small and medium construction projects, risk management practice presents a higher challenge because of their limited resources. To achieve success, every construction project, regardless of size and importance, depends on risk identification and analysis. The aim of this paper is to apply a multiple criteria decision-aid to achieve a risk hierarchy in residential building projects. The method comprised applying the Multi-attribute Utility Theory (MAUT) to estimate the major risks factors in three types of projects. In terms of quality, time, and cost, the results indicate the major risks. This research presents a decision-aid method that covers the manager’s experience; hence, the framework is useful for reaching a risk ranking that may affect the planning phase of residential buildings.

Journal

Journal of Building Pathology and RehabilitationSpringer Journals

Published: Dec 1, 2022

Keywords: Construction Industry; MAUT; Uncertainties in Construction; Project Planning

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