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Please use this identifier to cite or link to this item: https://dspace.lboro.ac.uk/2134/14927

Title: Modelling global risk factors affecting construction cost performance
Authors: Baloi, Daniel
Price, Andrew D.F.
Keywords: Cost performance
Decision Support System
Fuzzy Set Theory
Risk management
Uncertainty
Issue Date: 2003
Publisher: © Elsevier
Citation: BALOI, D. and PRICE A.D.F., 2003. Modelling global risk factors affecting construction cost performance. International Journal of Project Management, 21 (4), pp. 261 - 269.
Abstract: This paper discusses the core issues of global risk factors modelling, assessment and management. The research reported upon forms part of a larger study that aims to develop a fuzzy decision framework for contractors to handle global risk factors affecting construction cost performance at a project level. Major global risk factors affecting cost performance were identified through an extensive literature review and preliminary discussions with construction contractors. The main decision perspectives namely normative and behavioural were explored. Different decision-making technologies, both classical and emergent, such as classical management science techniques and DSSs, KBSs were explored and evaluated. Preliminary indications show that Fuzzy Set Theory is a viable technology for modelling, assessing and managing global risk factors affecting construction cost performance and thus a fuzzy decision framework for risk management can be successfully developed. © 2003 Elsevier Science Ltd and IPMA. All rights reserved.
Description: Closed access.
Version: Published
DOI: 10.1016/S0263-7863(02)00017-0
URI: https://dspace.lboro.ac.uk/2134/14927
Publisher Link: http://dx.doi.org/10.1016/S0263-7863(02)00017-0
ISSN: 0263-7863
Appears in Collections:Closed Access (Civil and Building Engineering)

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