Innovative Cost and Schedule Risk Assessment for Large Transportation Projects

Author(s):  
Charles W. Lockhart ◽  
Travis C. McGrath ◽  
James P. Rost
2014 ◽  
Vol 2014 ◽  
pp. 1-10 ◽  
Author(s):  
Zhe Xu ◽  
Jing Yu ◽  
Hongbo Li

The vast majority of the research efforts in project risk management tend to assess cost risk and schedule risk independently. However, project cost and time are related in reality and the relationship between them should be analyzed directly. We propose an integrated cost and schedule risk assessment model for complex product systems R&D projects. Graphical evaluation review technique (GERT), Monte Carlo simulation, and probability distribution theory are utilized to establish the model. In addition, statistical analysis and regression analysis techniques are employed to analyze simulation outputs. Finally, a complex product systems R&D project as an example is modeled by the proposed approach and the simulation outputs are analyzed to illustrate the effectiveness of the risk assessment model. It seems that integrating cost and schedule risk assessment can provide more reliable risk estimation results.


2021 ◽  
Vol 13 (14) ◽  
pp. 7830
Author(s):  
Min-Yuan Cheng ◽  
Mohammadzen Hasan Darsa

Construction project schedule delay is a worldwide concern and especially severe in the Ethiopian construction industry. This study developed a Construction Schedule Risk Assessment Model (CSRAM) and a management strategy for foreign general contractors (FGCs). 94 construction projects with schedule delay were collected and a questionnaire survey of 75 domain experts was conducted to systematically select 22 risk factors. In CSRAM, the artificial neural network (ANN) inference model was developed to predict the project schedule delay. Integrating it with the Garson algorithm (GA), the relative weights of risk factors with rankings were calculated and identified. For comparison, the Relative Importance Index (RII) method was also applied to rank the risk factors. Management strategies were developed to improve the three highest-ranked factors identified using the GA (change order, corruption/bribery, and delay in payment), and the RII (poor resource management, corruption/bribery, and delay in material delivery). Moreover, the improvement results were used as inputs for the trained ANN to conduct a sensitivity analysis. The findings of this study indicate that improvements in the factors that considerably affect the construction schedule can significantly reduce construction schedule delays. This study acts as an important reference for FGCs who plan to enter or work in the Ethiopian construction industry.


Author(s):  
Asli Pelin Gurgun ◽  
Hasan Gokberk Bayhan ◽  
Gul Polat ◽  
Harun Turkoglu

Construction projects are subjected to a variety of risks eventually affecting the overall duration and green building projects are no exception. Use of risk assessment means in such projects is also critical to complete them within aimed schedule. In this study, risks that have potential schedule impacts in certified green building projects are identified and their impact and likelihood of occurrence values are researched. For this purpose, a survey is administered to construction professionals with green building experience. Based on the responses, risks are plotted to draw their potential impact on schedule/likelihood of occurrence in a graph to identify the most significant risk factors. This tool may help the practitioners to identify and prioritize potential risks and allocate resources in projects accordingly to prevent or minimize their possible impacts.


10.14311/910 ◽  
2007 ◽  
Vol 47 (1) ◽  
Author(s):  
O. Pastor ◽  
P. Novotný ◽  
J. Melechovský

This paper deals with risk analysis as a part of the financial assessment of transportation projects. Two approaches to risk assessment are discussed. A risk can be evaluated either directly in terms of the probabilistic distribution of the assessment criterion; or an indirect determination of the risk can be applied without constructing the probability distribution, but by determining the characteristic features of the project. 


2013 ◽  
Vol 760-762 ◽  
pp. 2205-2211 ◽  
Author(s):  
Yuan Liu ◽  
Zhuo Fu Wang

It is convenient and effective to use Monte Carlo simulation (MCS) technique in project schedule risk analysis and assessment, but at the same time, the indexes put forward by scholars up to now is quite few, leaving construction schedule risk assessment still difficult to carry out. Therefore, based on PERT network assumption, the shortcomings of current project schedule risk indexes are summarized and new project schedule risk index is put forward to estimate the criticality of each activity and path to provide more information for project schedule controllers. In the case studied, with the application of the new index, the critical index of each activity is given and divided into five levels, and the new index put forward in this paper shows great superiority over the classic indexes.


1998 ◽  
Vol 62 (10) ◽  
pp. 756-761 ◽  
Author(s):  
CW Douglass
Keyword(s):  

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