| Title |
A Study for the construction project's risk response methodology based on the risk threshold applying a concept of VaR |
| Keywords |
Risk Management ; Risk Threshold ; Risk Response Process ; VaR |
| Abstract |
With the recent rising project complexities and competitive environments in the construction projects, a risk management is recognized as more important management tool than the others. However, as most risk management techniques applied to the construction projects are centered around their initial phases and risk analyses, they are not developed into general project management technique such as time management, cost management and quality management, etc., that are usually applied in the process of construction. Thus, this paper proposes a response process to construction project risks based on the risk threshold and its calculation methodology to establish risk management as general management technique in the construction projects. |