Quantitative Assessment of Construction Risk

Construction risk assessment is the final and decisive stage of risk analysis. When highly changeable conditions of works execution are predicted, risk should be evaluated in the favorable, moderate, and difficult random conditions of construction. Given the random conditions, the schedule and cost estimate of the construction are developed. Based on these values, the risk of final deadline delay and the risk of total cost increase of construction completion are calculated. Next, the charts of the risks are elaborated. Risk changes are shown in the charts and are analyzed in the range [1, 0].