Abstract
Construction projects manifest more risks than do other industries. Often, firms doing business in construction markets find these risks intimidating. For mitigating this risky nature of construction project, risk analysis tools and procedures have been proposed for many years. However, one of key problems with present-day risk analysis methods is that those procedures are basically mathematical or probability-oriented approaches, which easily become complex to capture the relations between the highly interrelated various variables. This paper presents the use of categorical relationship-based approach to predict the cost contingency in the early stage of a bidding process. A case study is performed to demonstrate the approach, which allows complex cost risk analysis to be performed effectively for the every day users.
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Han, S.H., Park, HK. Categorical relationship approach as an alternative risk analysis for predicting cost contingency. KSCE J Civ Eng 8, 173–180 (2004). https://doi.org/10.1007/BF02829117
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DOI: https://doi.org/10.1007/BF02829117