A systematic review of quantitative risk analysis in construction of mega projects
Document Type
Article
Publication Date
Winter 12-31-2020
Abstract
Mega projects (MP) require efficient management of risks during their construction. Therefore, it is crucial to identify any possible deviations towards meeting their objectives. Such deviation forced MP to be delivered behind schedule and over budget. According references, MP does not require only qualitative analysis but requires an accurate quantitative analysis based on knowledge and practice. Thus, this paper aims to undergo a systematic review of quantitative analysis literature in construction of worldwide MP, with the utmost aim to improve contractors quantitative risk analysis practices in the presence of uncertainty. A time line was produced which shows the process of quantitative risk analysis in this literature including the past six years from 2013 to 2018. This was followed by a critical analysis in order to account for quantitative risk analysis techniques highlighted throughout literature sources. Furthermore, the paper reviews the literature of worldwide mega projects by which quantitative risk analysis process was practiced. It was observed that Monte Carlo analysis technique has succeeded in supporting project managers in allocating deviations in the objectives of MP. The paper adds value to practitioners using the process of quantitative risk analysis as well as contractors working on construction of MP.
Recommended Citation
Mohamed Nabawy, Laila M. Khodeir, A systematic review of quantitative risk analysis in construction of mega projects, Ain Shams Engineering Journal, Volume 11, Issue 4, 2020, Pages 1403-1410, ISSN 2090-4479, https://doi.org/10.1016/j.asej.2020.02.006.
Comments
Mohamed Nabawy, Laila M. Khodeir, A systematic review of quantitative risk analysis in construction of mega projects, Ain Shams Engineering Journal, Volume 11, Issue 4, 2020, Pages 1403-1410, ISSN 2090-4479, https://doi.org/10.1016/j.asej.2020.02.006.