Construcion risk assessment using Fuzzy set theory

Variation, uncertainty and risk are ever dominant characteristics ofthe construction industry. Each construction project has its own featuresthat make it unique, though they all share the common dilemma ofmanaging risks of uncontrollable, yet predictable factors governing theconstruction environment and the total project output. These factors rangefrom natural ones like weather, to psychological ones like motivation, tocountry wide factors like market conditions.In the last few years construction industry all over the worldpropagated to an extent, that it may now be considered the world’s largestindustry, this propagation added to the susceptibility of the industry to thevariation and uncertainty of its ingredients. The construction industryinvestments now presents a larg proportion of the GNP of manycountries, more and more complex projects are being executed, multi-disciplinary projects whose cost are in billions of dollars are executeddaily all over the world. All these considerations make risk analysis theback bone of any feasibility study in the construction industry.