Cost Risk Assessment of Construction Projects Based on Entropy-Weighted Matter-Element Model

2010 ◽  
Vol 168-170 ◽  
pp. 2402-2405 ◽  
Author(s):  
Ming Hui Xie ◽  
Ying Yang
Keyword(s):  
Risk Assessment ◽  
Decision Making ◽  
Construction Projects ◽  
Element Model ◽  
Construction Enterprises ◽  
Entropy Weighted ◽  
Matter Element Model ◽  
Cost Risk

As modern projects are getting increasingly complicated in the changeable environment, the risk in cost faced by construction enterprises increase. Therefore it is necessary to analyze all sorts of cost risks to guide decision-making. A entropy-weighted matter-element model for assessment of cost risk is established in the article, and an example is used to explain that the model makes a good application.

A WebGIS-Based System for Urban Stormwater Risk Analysis Using a Cloud Matter-Element Model

2020 ◽  
Vol 16 (3) ◽  
pp. 80-99
Author(s):  
Junfei Chen ◽  
Cong Yu
Keyword(s):  
Risk Assessment ◽  
Risk Analysis ◽  
Temporal Distribution ◽  
Element Model ◽  
Economic Loss ◽  
Risk Level ◽  
Urban Stormwater ◽  
Intelligence System ◽  
Prototype Development ◽  
Matter Element Model

The interaction of human activity, climate change, and urbanization gives rise to more frequent urban stormwater disasters, which causes great economic loss in cities. This article presents a prototype of an interactive WebGIS system for urban stormwater risk analysis. The system has a Browse/Server(B/S) structure and uses WebGIS techniques for prototype development. It is based on the theory of disaster system and Cloud matter-element model for risk assessment. The risk results are immediately generated and visualized interactively by rendering risk maps. Finally, two urban stormwater events in Nanjing in 2015 and 2016 were selected to verify the accuracy of the risk assessment. The results show that the intelligence system can effectively assess the risk level and identify the spatial-temporal distribution of urban stormwater risk in Nanjing, China.

scholarly journals Fuzzy Multicriteria Decision-Making Model for Time-Cost-Risk Trade-Off Optimization in Construction Projects

2019 ◽  
Vol 2019 ◽  
pp. 1-7 ◽  
Author(s):  
M. Ammar Alzarrad ◽  
Gary P. Moynihan ◽  
Muhammad T. Hatamleh ◽  
Siyuan Song
Keyword(s):  
Decision Making ◽  
Construction Projects ◽  
Multicriteria Decision Making ◽  
Attractive Alternative ◽  
Time Cost ◽  
Analytic Hierarchy ◽  
Trade Off ◽  
Multicriteria Decision ◽  
Trade Offs ◽  
Cost Risk

As is often the case in project scheduling, when the project duration is shortened to decrease total cost, the total float is lost resulting in added critical or nearly critical activities. This, in turn, results in decreasing the probability of completing the project on time and increases the risk of schedule delays. To solve this problem, this research developed a fuzzy multicriteria decision-making (FMCDM) model. The objective of this model is to help project managers improve their decisions regarding time-cost-risk trade-offs (TCRTO) in construction projects. In this model, an optimization algorithm based on fuzzy logic and analytic hierarchy process (AHP) has been used to analyze the time-cost-risk trade-off alternatives and select the best one based on selected criteria. The algorithm was implemented in the MATLAB software and applied to two case studies to verify and validate the presented model. The presented FMCDM model could help produce a more reliable schedule and mitigate the risk of projects running overbudget or behind schedule. Further, this model is a powerful decision-making instrument to help managers reduce uncertainties and improve the accuracy of time-cost-risk trade-offs. The presented FMCDM model employed fuzzy linguistic terms, which provide decision-makers with the opportunity to give their judgments as intervals comparing to fixed value judgments. In conclusion, the presented FMCDM model has high robustness, and it is an attractive alternative to the traditional methods to solve the time-cost-risk trade-off problem in construction.

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