Evaluating Risk Factors and Risk Strategies of
Procurement Systems in Construction Projects
Corresponding Author: Tsai, Tsung-Chieh
Author(s): Tsai, T.C.
Organisation(s): Kyoto University (Japan)
This paper presents a pilot study to evaluate the effectiveness of risk strategies of procurement systems in construction projects. The study defines project risks from multiple dimensions which are not only from the project risk itself, but also from project phases and the project's stakeholders. Basically, authors use Fault Tree Analysis to assess the probability of risk occurrence and identify importance of risk factors contribute to risk occurrence for stakeholders who can make judgment whether to take such risk or to adopt appropriate risk strategies for processing project smoothly. Facilitating dual structure between Fault Tree Analysis and Reliability Graph Analysis, the comparison for effectiveness of risk strategies will be demonstrated. In case study, the risk shift in every project phase for each stakeholder are assessed to realize the life-cycle of project risks over project life by the same concept of risk definition from multiple dimensions. And authors try to interpret the project management in Japan from the viewpoint of risk management. Finally, this study aims to build a decision support system that is constructed by visual processes of risk database access and risk analysis for risk management. And, the project's stakeholder can easily realize his or her situation through the computer's screen in any moment.