Data Analytics for Engineering and Construction Project Risk Management

Chapter 1: Introduction to Risk and Uncertainty. This chapter provides: a) general discussion on the types of uncertainties in projects including the examples; we cover theoretical, frequentist, belief-based epistemic, as well as agnostic viewpoints on the uncertainty; we show these viewpoints in context of typical project uncertainties and contrast them against representations of uncertainty in other engineering disciplines; b) summary on the role of knowledge and assumptions in characterizing the uncertainty; we link the discussion on uncertainty to knowledge about the underlying phenomena, the embedded assumptions, and their validity over the course of the project; c) overview on the approaches that relate the risk to the underlying uncertainty; we discuss approaches to the risk-uncertainty relationship in different disciplines, and finally d) discussion on the organizational attitude and viewpoints toward the risk and uncertainty; we cover topics such as value of u

Chapter 2. Project Risk Management Framework. This chapter provides: a) overview of the project systems, their complexity, life-cycle and risk-based decision-making; we define project as a complex system, and its life-cycle in the context of phase-gate process where decisions are evaluated under different objectives and criteria; we emphasize the points where the uncertainty is introduced and when it is reflected in project outcomes; we particularly stress the design and construction/installation i.e. execution phases of a project as this is the key focus of this text; b) outline of the high-level guidelines in conducting risk assessment and management (such as

Chapter 3: Project Data. This chapter provides a comprehensive summary on the type and sources of project data, and the methods for data acquisition. The key underpinning of this text is that risk analysis should be driven by data in a mathematically rigorous way; so where can one find such data' This chapter covers project data as they relate to planning and execution phase of the project; more specifically, we discuss data in terms of: a) project phase and system of interest; we contrast available data during planning and estimation vs. data during monitoring and control phase of the project, as well as whether data relates to internal project system (logistics, operations, etc.) or environmental systems (weather, market trends, etc), we define data collection objectives for each of the phase and the system type; b) observed vs. judgement/simulated data, or in other words, whether data is generated by the system and recorded by the participants, or assessed by individuals using their experience, judgements, models, or just gut f