Volume 24, Number 3 (IJIEPR 2013)                   IJIEPR 2013, 24(3): 237-246 | Back to browse issues page

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Khanzadi M, Nasirzadeh F, Rezaie M. System Dynamics Aproach For Quantitative Risk Allocaion. IJIEPR. 2013; 24 (3) :237-246
URL: http://ijiepr.iust.ac.ir/article-1-305-en.html

PhD Assistant Professor , khanzadi@iust.ac.ir
Abstract:   (1994 Views)
Allocation of construction risks between clients and their contractors has a significant impact on the total construction costs. This paper presents a system dynamics (SD)-based approach for quantitative risk allocation. Using the proposed SD based approach, all the factors affecting the risk allocation process are modeled. The contractor’s defensive strategies against the one-sided risk allocation are simulated using governing feedback loops. The full-impact of different risk allocation strategies may efficiently be modeled, simulated and quantified in terms of time and cost by the proposed object-oriented simulation methodology. The project cost is simulated at different percentages of risk allocation and the optimum percentage of risk allocation is determined as a point in which the project cost is minimized. To evaluate the performance of the proposed method, it has been implemented in a pipe-line project. The optimal risk allocation strategy is determined for the inflation risk as one of the most important identified risks.
Full-Text [PDF 775 kb]   (1295 Downloads)    
Type of Study: Research | Subject: Simulation & Stochastic Models
Received: 2011/09/10 | Accepted: 2013/09/28 | Published: 2013/09/28

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