Civil Engineering and Architecture Vol. 7(1), pp. 17 - 22
DOI: 10.13189/cea.2019.070103
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Mitigation of Correlated Risk in Construction Projects

Jarosław Konior ^*
Department of Construction Methods and Management, Faculty of Civil Engineering, Wroclaw University of Science and Technology, Poland

ABSTRACT

The purpose of this article is to present the preparation of Project Risk Assessment Methodology and its mitigation. The main text provides a summary of the approach, the method used and the findings. The conclusions have been drawn that the proper tools for quantifying risks have to be based on the criteria specific for mathematical statistic and probability or at least fuzziness. Function, which makes possible to categorize any risks into one of the five categories, is combination of probability and impact to one of the items: people and their safety or budget and cost or schedule and planning or quality and performance. An attempt was made to express numerically the relationship between risks impacts and their level of likelihood. Also, the method was presented of associating the influence of projects risks impacts on the extent of the likelihood of project risk occurrence which makes possible to determine the direction and the strength of this relationship. Point bi-serial coefficient between project risks impacts and risks occurrence makes possible to determine the direction and the strength of this relationship. Measured risks may be foreseen before they strongly impact on construction projects. The construction high and critical risks to be mitigated are the following: project schedule, cost budget, design technical issues and safety at construction sites.

KEYWORDS
Project, Management, Construction, Mitigation, Correlation, Risk

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Jarosław Konior , "Mitigation of Correlated Risk in Construction Projects," Civil Engineering and Architecture, Vol. 7, No. 1, pp. 17 - 22, 2019. DOI: 10.13189/cea.2019.070103.

(b). APA Format:
Jarosław Konior (2019). Mitigation of Correlated Risk in Construction Projects. Civil Engineering and Architecture, 7(1), 17 - 22. DOI: 10.13189/cea.2019.070103.