The Built & Human Environment Review

A Taroun, J B Yang, D J Lowe

Research output: Contribution to journalArticlepeer-review

106 Downloads (Pure)


Although risk assessment is probably the most difficult component of the Risk Management process, it is potentially the most useful. A critical review of the literature published on the topic over the last 27 years has revealed significant results, summarized as follows. Variants of Probability-Impact modeling are predominant; while traditionally the focus was on objective probability gradually subjective probability has become dominant. Risk analysis of project duration or cost is prevalent; the analysis of project performance risk is hardly mentioned in literature. Further, no risk assessment approach was discovered that deploys a common scale to simultaneously assess the alternative impacts of a risk on the various project objectives. Most of the existing approaches provide a risk rating; very few actually quantify risk. The limitations of the existing theories and tools indicate the need for improved alternatives. We conclude that the use of ‘risk cost’ as a common scale within a belief-based decision making framework would be an innovative solution, overcoming current shortcomings and generally improving construction risk assessment.
Original languageEnglish
Pages (from-to)87-97
Number of pages10
JournalThe Built & Human Environment Review
Issue number1
Publication statusPublished - 2011


  • risk assessment, risk modelling, risk cost, Dempster-Shafer Theory of Evidence, literature review


Dive into the research topics of 'The Built & Human Environment Review'. Together they form a unique fingerprint.

Cite this