Quantitative Risk Management and Decision Making in Construction

Quantitative Risk Management and Decision Making in Construction introduces valuable techniques for weighing and evaluating alternatives in decision making with a focus on risk analysis for identifying, quantifying, and mitigating risks associated with construction projects.Singh addresses such topics as probabilistic cost estimating, contingency analysis, cause-effect diagrams, FAST diagrams, and decision trees, and explains the tools available to quantify risks such as payoff matrices, Bayes’ theory, matrix analysis, and analytical hierarchy process. Finally, Singh shows how the information gained from analysis can be applied to mitigate risks using a risk analysis card game, monitoring performance, and managing inventory.Intended for graduate and upper-level undergraduate students, each topic is accompanied by numerous examples, drawings, and exercises to illustrate and reinforce these concepts. In addition, the common techniques can be executed by business and construction managers for practical construction risk assessment.