System dynamics approach for construction risk analysis

Presence of risks and unceria inties inherent in project development and implementation playssignificant role in poor project performance. thus, there is a considerable need to have an effective riskanalysis approach in order to assess the impact of different risks on the project objectives. a powerful riskanalysis approach may consider dynamic nature of risks throughout the life cycle of the project, as well asaccounting for feedback loops affecting the overall risk impacts. this paper presents a new approach toconstruction risk analysis in which these major influences are considered and quantified explicitly. theproposed methodology is a system dynamics based approach in which different risks may efficiently bemodeled. simulated and quantified in terms of time, cost and quality hy the use of the implemented objectoriented simulation methodology. to evaluate the performance of the proposed methodologv it has beenemployed in a bridge construction project. due to the space limitations. the modeling and quantificationprocess [or one ofthe identified risks namely pressure to crash project duration is explained in detail.