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Business Review

Abstract

This paper aims to introduce a new approach utilizing knowledge management to simplify the process of risk management, so as to enhance the knowledge sharing and promote its application in the construction industry. Decision making is a significant characteristic that occur in each phase of a project. Often, these decisions will, or can affect the other tasks that will take place. To achieve an effective decision making process, project managers and the other personnel of one project need to have a general understanding of other related or similar past projects. Risk management is important to support decision making at the early stage in a project. The technique of knowledge management is particularly useful for project risk management, as the process involved in risk management largely depend upon previous experience. It is useful to be able to accumulate previous knowledge and share this with other project participants. However, because of the complexity of construction project, knowledge acquisition, sharing and transfer are difficult. A case-based reasoning intelligent system that simulates the process of human reasoning is presented as an appropriate solution to managing knowledge in relation to project risks. This would provide the professionals with requisite knowledge to make more informed decisions and to take proactive measures for reducing potential risks and variations in ongoing and future projects.

Keywords

Management, Knowledge-base, Buildings, Projects, Risks

Creative Commons License

Creative Commons Attribution 4.0 International License
This work is licensed under a Creative Commons Attribution 4.0 International License.

Published Online

February 24, 2021

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Business Commons

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