A Methodology for Integrated Risk Management and Proactive Scheduling of Construction Projects
KU Leuven Working Paper No. KBI 0620
28 Pages Posted: 12 Dec 2006
Date Written: 2006
An integrated methodology is developed for planning construction projects under uncertainty. The methodology relies on a computer supported risk management system that allows to identify, analyze and quantify the major risk factors and derive the probability of their occurrence and their impact on the duration of the project activities. Using project management estimates of the marginal cost of activity starting time disruptions, a proactive baseline schedule is developed that is suffciently protected against the anticipated disruptions with acceptable project makespan performance. The methodology is illustrated on a real life application.
Keywords: Risk, Risk management, Management, Scheduling, Construction, Planning, Uncertainty, Factors, Probability, Impact, Project management, Cost, Time, Performance, Real life
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