Knoledge-Based Systems and Fuzzy Sets in Risk Management

An integrated microcomputer-based knowledge system is developed for risk management in construction. The system (Expert-Risk) applies the concepts of fuzzy set theory to evaluate the overall risk of a project. It is also integrated with various rerlational data bases that provide the system with financial and cost data necessary for bankruptcy and risk analysis. Today's construction industry involves more dynamic and construction industry involves more dynamic and uncertain planning than ever before. without professional risk management, decision makers cannot systematically approach complex problemx. The system provides a more definitive perception of the overall risk of a construction project, and a more rational basis for contingency planning and evaluation. The system allows management to focus on those risk factors which have significant impact on planning.