A CRITICAL REVIEW OF RISK MANAGEMENT SUPPORT TOOLS

Abstract

It has been claimed by many researchers that “a risk driven approach” to project management is necessary to increase the success of construction projects. Literature is very rich in conceptual frameworks to overcome the informality of risk management efforts. However, risk management paradigms exist as methodologies rather than systems which can fully support the risk management process. The existing risk management support tools are usually based on quantitative risk analysis whereas the other phases are carried out external to the software. Risk registers and risk assessment tools are proposed as decision support systems which can only be used at specific stages of a construction project for specific purposes such as time/cost estimation at the bidding stage, country risk assessment during international market selection etc. Moreover, the proposed risk management support tools usually do not foster integration of risk management activities between the parties involved in the construction supply chain, do not consider impact of risks on all of the project success criteria, and can not handle subjectivity. In the recent years, the research has shifted to information and process models in which risks and response strategies may be identified, analysed and managed in a formal way by the use of database and model management systems. The major objective of this paper is to make a critical review of existing risk management support tools and propose development of a risk management corporate memory coupled with a decision support tool for successful management of risk.

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