Tools for selecting appropriate risk management techniques in the built environment

Doug Forbes, Simon Smith and Malcolm Horner

Construction Management and Economics, 2008, vol. 26, issue 11, 1241-1250

Abstract: The built environment is full of uncertainty which leads to risk. The literature shows that there is a wide range of techniques available to deal with risk; however numerous studies have shown that only a relatively small number are used in practice. One reason for this small number is a lack of knowledge of the circumstances in which they can be used. With the aim of overcoming this lack of knowledge two decision support tools are developed, which assist in selecting appropriate cases. The first tool is a two-dimensional matrix which provides a graphical output but has several limitations; the second is a case-based reasoning (CBR) model. These tools have been built from literature examples of the application of risk techniques. A framework has been developed to assess the examples. It uses a PESTLE (Political, Economic, Social, Technical, Legal and Environmental) analysis to assess the problem characteristics. The associated data used in the problem were defined as fuzzy, incomplete or random. The results of the CBR validation demonstrated a tool that predicts the correct technique in excess of 80% of cases, and allows the matrix to be revised and refined.

Keywords: Risk management; risk techniques; decision support system; case-based reasoning (search for similar items in EconPapers)
Date: 2008
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Citations: View citations in EconPapers (2)

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DOI: 10.1080/01446190802468487

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