A case-based reasoning approach to improve risk identification in construction projects

Abstract

Risk management is an important process to enhance the understanding of the project so as to support decision making. Despite well established existing methods, the application of risk management in practice is frequently poor. The reasons for this are investigated as accuracy, complexity, time and cost involved and lack of knowledge sharing. Appropriate risk identification is fundamental for successful risk management. Well known risk identification methods require expert knowledge, hence risk identification depends on the involvement and the sophistication of experts. Subjective judgment and intuition usually from par1t of experts’ decision, and sharing and transferring this knowledge is restricted by the availability of experts. Further, psychological research has showed that people have limitations in coping with complex reasoning. In order to reduce subjectivity and enhance knowledge sharing, artificial intelligence techniques can be utilised. An intelligent system accumulates retrievable knowledge and reasoning in an impartial way so that a commonly acceptable solution can be achieved. Case-based reasoning enables learning from experience, which matches the manner that human experts catch and process information and knowledge in relation to project risks. A case-based risk identification model is developed to facilitate human experts making final decisions. This approach exploits the advantage of knowledge sharing, increasing confidence and efficiency in investment decisions, and enhancing communication among the project participants