RS280-1: Probabilistic Risk Management in Design and Construction Projects

Identifies the process, benefits, and implications of using probabilistic analysis of cost and schedule risks in the design and construction of capital projects. Presents the results of a thorough literature review and a state-of-practice survey. Also discusses the "how" and "why" of probabilistic methods through multiple case studies, and a validation survey to confirm all findings. Finally, introduces the team's implementation resources, a risk register tool and a laminated risk register reference card.

Senesi, C., Javernick-Will, A., and Molenaar, K., Furlani, K. and Relyea, C. (2013). "Probabilistic Risk Management in Design and Construction Projects." Research Summary, RS280-1, Construction Industry Institute. Austin, TX.