Quantitative Risk Analysis for Construction Projects Considering Risks Correlations and Fuzzy Logic

Abstract

Construction projects have a high level of uncertainty because of several risk factors. Risks may affect projects in many ways resulting in time delays or cost overruns. Thus, the evaluation of uncertainty is required to get a reliable schedule. This research proposes a method for project scheduling considering risks. Expert judgment is used to identify and analyze risks. Potential risks are identified through Failure Mode Effect Analysis (FMEA). Risks impact is evaluated through fuzzy logic and Monte Carlo Simulation (MCS). The simulation considered the relationship between risks, and risks and activities.