Prioritizing risks in sustainable construction projects using a risk matrix-based Monte Carlo Simulation approach

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dc.contributor.authorQazi, Abroon
dc.contributor.authorShamayleh, Abdulrahim
dc.contributor.authorEl-Sayegh, Sameh
dc.contributor.authorFormaneck, Steven
dc.date.accessioned2021-01-09T17:13:37Z
dc.date.available2021-01-09T17:13:37Z
dc.date.copyright© 2020
dc.date.issued2021-02
dc.descriptionThis article is licensed under Creative Commons License and full text is openly accessible in CUD Digital Repository. The version of the scholarly record of this article is published in Sustainable Cities and Society (2021), accessible online through this link https://doi.org/10.1016/j.scs.2020.102576en_US
dc.description.abstractSustainability-related risks and risk management frameworks have been introduced in the literature to help project managers identify and manage critical risks influencing project sustainability. Theoretically grounded in the framework of Monte Carlo Simulation, this paper introduces and operationalizes a new process for prioritizing sustainability-related project risks using risk matrix data. Sustainability-related construction project risks have never been assessed relative to different confidence levels across the risk matrix-based exposure zones. The application of the proposed process on construction projects completed in the United Arab Emirates reveals that the conventional risk prioritization scheme undermines the importance of tail risks (unexpected events), whereas such risks are captured in the proposed process. In contrast to the most critical risks identified using the conventional scheme such as shortage of client's funding, insufficient or incorrect sustainable design operation, and design changes, the proposed process prioritizes risks such as poor productivity of labor and equipment in sustainable construction, unreasonable tight schedule for sustainable construction, and poor scope definition of sustainable construction. The proposed process is generalizable to prioritizing risks influencing sustainability in international construction projects and beneficial for enhancing project sustainability as there is a huge uncertainty associated with sustainability-related risks. © 2020 The Author(s)en_US
dc.description.sponsorshipAmerican University of Sharjahen_US
dc.identifier.citationQazi, A., Shamayleh, A., El-Sayegh, S., & Formaneck, S. (2020). Prioritizing risks in sustainable construction projects using a risk matrix-based Monte Carlo Simulation approach. Sustainable Cities and Society, 65. https://doi.org/10.1016/j.scs.2020.102576en_US
dc.identifier.issn22106707
dc.identifier.urihttps://doi.org/10.1016/j.scs.2020.102576
dc.identifier.urihttp://hdl.handle.net/20.500.12519/312
dc.language.isoenen_US
dc.publisherElsevier Ltden_US
dc.relationAuthors Affiliations : Qazi, A., School of Business Administration, American University of Sharjah, Sharjah, United Arab Emirates; Shamayleh, A., College of Engineering, American University of Sharjah, Sharjah, United Arab Emirates; El-Sayegh, S., College of Engineering, American University of Sharjah, Sharjah, United Arab Emirates; Formaneck, S., Faculty of Management, Canadian University Dubai, Dubai, United Arab Emirates
dc.relation.ispartofseriesSustainable Cities and Society;Volume 65
dc.rightsCreative Commons Attribution 4.0 International (CC BY 4.0) License
dc.rights.holderCopyright : © 2020 The Author(s)
dc.rights.urihttps://creativecommons.org/licenses/by/4.0/
dc.subjectConstruction projectsen_US
dc.subjectMonte Carlo Simulationen_US
dc.subjectRisk managementen_US
dc.subjectRisk matrixen_US
dc.subjectSustainabilityen_US
dc.subjectTail risksen_US
dc.subjectConstruction equipmenten_US
dc.subjectMonte Carlo methodsen_US
dc.subjectSustainable developmenten_US
dc.subjectConstruction project risken_US
dc.subjectConventional schemesen_US
dc.subjectInternational construction projectsen_US
dc.subjectProject sustainabilityen_US
dc.subjectRisk management frameworken_US
dc.subjectSustainable constructionen_US
dc.subjectUnited Arab Emiratesen_US
dc.subjectRisk assessmenten_US
dc.titlePrioritizing risks in sustainable construction projects using a risk matrix-based Monte Carlo Simulation approachen_US
dc.typeArticleen_US

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