Learning from risks: A tool for post-project risk assessment

Dikmen, I., Birgonul, M. T., Anac, C., Tah, J. H. M. and Aouad, G. (2008) Learning from risks: A tool for post-project risk assessment. Automation in Construction, 18 (1). pp. 42-50. ISSN 0926-5805 doi: 10.1016/j.autcon.2008.04.008

Abstract/Summary

Risk management (RM) comprises of risk identification, risk analysis, response planning, monitoring and action planning tasks that are carried out throughout the life cycle of a project in order to ensure that project objectives are met. Although the methodological aspects of RM are well-defined, the philosophical background is rather vague. In this paper, a learning-based approach is proposed. In order to implement this approach in practice, a tool has been developed to facilitate construction of a lessons learned database that contains risk-related information and risk assessment throughout the life cycle of a project. The tool is tested on a real construction project. The case study findings demonstrate that it can be used for storing as well as updating risk-related information and finally, carrying out a post-project appraisal. The major weaknesses of the tool are identified as, subjectivity of the risk rating process and unwillingness of people to enter information about reasons of failure.