Risk-Informed Performance Assessment of Construction Projects

Merkourios Papanikolaou and Yiannis Xenidis
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Merkourios Papanikolaou: Department of Civil Engineering, Aristotle University of Thessaloniki, 541 24 Thessaloniki, Greece
Yiannis Xenidis: Department of Civil Engineering, Aristotle University of Thessaloniki, 541 24 Thessaloniki, Greece

Sustainability, 2020, vol. 12, issue 13, 1-20

Abstract: Construction projects are struggling to reach satisfactory performance in a context full of various and many risks. Despite the long-lasting study of performance in construction no universal approaches have emerged from numerous proposals. A mainstream in dealing with this issue is benchmarking methods with the use of appropriate indicators. This research work adopts such a group of indicators that address more aspects than the usual cost, schedule, and quality considerations. Following suggestions for proper adjustments and clarifications for the appropriate use of this group of indicators, this research proceeds by introducing the risk aspect to the calculation of project performance. Identified risks are modeled through fuzzy numbers to deal with data incompleteness and then they are appropriately added to compose risk coefficients for the performance dimensions expressed through the respective indicators. Then, the overall project’s performance is calculated addressing a risk-informed performance assessment of construction projects. The whole process is tested for verification with a theoretical example. The development of a simple yet inclusive and adjustable methodological framework for risk-informed performance assessment is expected to provide practitioners with a relatively easy approach for integrating both the risk and performance management in construction.

Keywords: risk management; risk assessment; performance assessment; performance management; performance evaluation; earned value analysis; construction projects; fuzzy numbers (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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