An Integrated Risk Management Model for Construction Projects

Construction enterprises are affected by various risk factors. To awaken the consciousness of the risks management, and to enhance the mechanism, techniques and skills of construction projects' risk management in China, This paper present an integrated risk management model. It consists of three modules named as Risk Mechanism, Quantification Analysis System and Optimizing Decision-making. Risk mechanism, as a basis of risk integrated management, involves the establishment of risk management culture and risks-resisted mechanism. Quantification analysis system, using the risk transfer theory, proposes the devices and network system for detecting construction project risks. Optimizing decision making includes the project resource optimization measures and project risk avoiding method. The establishment of the model creates a new approach for risk quantification and assessment to improve the risk management effects.