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Journal Article

Risk Management of Construction Project

TL;DR: In the course of risk management, effective risk prevention measures should be put forward by risk identification and risk assessment, on the basis of specific projects, and risk prevention system should come into being,in order to minimize project risk, and reduce losses as discussed by the authors.
Abstract: Risk management is one of the core contents of the construction project management.In the course of risk management,effective risk prevention measures should be put forward by risk identification and risk assessment,on the basis of specific projects,and risk prevention system should come into being,in order to minimize project risk,and reduce losses.
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Proceedings ArticleDOI
05 Nov 2011
TL;DR: Based on the simulating results, this project's investing risk was analyzed and the meanings of the simulation results were illustrated and suggestions to the investors were provided.
Abstract: When investing mining projects, we often cannot make an accurate judgment of the investing project's risk degree because there are too many influential risk factors, with different kinds of uncertainties at the same time. To solve this problem, Monte Carlo simulation method is an effective way. It can be accomplished by computer software with enough times of sampling process. The analysis of the output can help judge the degree of risk. In this paper, the Monte Carlo simulation was performed in computer and applied to an iron ore mine investment. Base on the simulating results, this project's investing risk was analyzed. We illustrated the meanings of the simulation results and also provided suggestions to the investors.

6 citations

Proceedings ArticleDOI
21 Dec 2012
TL;DR: Wang et al. as mentioned in this paper discussed the engineering problems connected with China's oil and gas pipelines as well as the geo-environment conditions and geo-hazard characteristics of the Sichuan-Shandong Gas-Pipeline Project (Hubei section).
Abstract: Oil and gas pipeline projects are mega-projects which are closely related to the national economy and the livelihood of people. They have high standards and strict requirements assuring safety and reliability. At present, China’s total length of pipelines reaches up to 60,000 km, and the number keeps increasing quickly. Pipelines pass through different topographic and geological tectonic units, where they meet different kinds of geologic hazards. This paper discusses engineering problems connected with China’s oil and gas pipelines as well as the geo-environment conditions and geo-hazard characteristics of the Sichuan-Shandong Gas-Pipeline Project (Hubei section).Solutions are offered using the comprehensive evaluation method of fuzzy mathematics and probabilistic analysis method. Geological hazard risk assessment is carried out and geological hazard grade and subarea are classified. In addition, the relevant protective countermeasures to geological hazards are suggested.. Risk management and control strategies for geological hazard prevention during operation of oil and gas pipeline projects are discussed which provide a scientific basis of pipeline distribution, strike adjustment and control in geological hazard area.

4 citations

Proceedings ArticleDOI
23 May 2009
TL;DR: A weakening fuzzy provide important basis for assessing the risk of construction correlation matrix on average is gained by the assessments of programme formed by numerous projects more objectively and experts.
Abstract: Construction programme, which internal and Moreover, it is easy to implement the latter term of risk external environment is complicated, is a group composed of management such as risk response, risk monitoring and numerous interrelated projects, thus the uncertainty of risk is controlling. more evident. In order to ascertain the integrity and the certainty of information relatively, which lead to more scientific and the First of all, the correlations between one and the other advisable evaluation, the programme is divided into subgroups in projects are measured from the functional formation, technical paper first. Then an analysis of the practical application is difficulty, construction methods and control means. Low level performed after a detailedly describe of the process how to use of the correlation is valued in the interval [0, 0.3), general level Gray-AHP to evaluate the risk of subgroups. The study can in [0.3, 0.6), and high level in [0.6, 1). Then a weakening fuzzy provide important basis for assessing the risk of construction correlation matrix on average is gained by the assessments of programme formed by numerous projects more objectively and experts. Finally, subgroups division is obtained by using exactly. orthogonal method to take cluster analysis [3]. Each subgroup can be regarded as a construction programme to study. Keywords-Construction programme; Subgroups division; Gray -AHP; Risk evaluation. III. ESTABLISH THE RISK EVALUATION INDEX SYSTEM OF THE CONSTRUCTION PROGRAMME

1 citations

Book ChapterDOI
01 Jan 2013
TL;DR: In this article, the authors conducted a systematic analysis on contractors' dealing with the reallocated risks in four steps: risk identification, risk assessment, risk response and risk control.
Abstract: With the reality that owners usually reallocate risks to contractors under special contract clause, this paper conducts a systematic analysis on contractors’ dealing with the reallocated risks in four steps: Risk identification, risk assessment, risk response and risk control. Firstly, this paper identifies the list of reallocated risks based on comparative analysis between model contracts and actual contracts. Secondly, by means of questionnaire collection and analysis, the importance of each listed and reallocated risk to Contractors shall be greatly evaluated. Thirdly, this paper revealed the mechanism of contractors’ risk response decisions by establishing the model of risk response decision to the reallocated risks. Finally, it described the contractors’ risk control process during the construction process through the analysis on control process towards reallocated risks.