An IT-based holistic methodology for analyzing and managing building life cycle risk

By nature every building project is affected by uncertainties that can result at some point in the future in building performance deviations. In order to avoid or at least minimize that unwanted effect, uncertainty should be taken into consideration as early as possible, and in particular since the design phase of a building. With the aim of analyzing and keeping a certain control over uncertainty several techniques and standards have emerged in the field of risk management. Unfortunately the AEC industry still makes poor use of such techniques and risk analysis is still often done manually and sporadically. Moreover, often only one specific category of uncertainty is analyzed, namely cost risk. Nevertheless, even if cost is one of the most important decision criterions, risk can have effect on all building performance aspects. In order to close those gaps this research proposes an approach that relies on IT-methods for systematizing as well as automating as much as possible the analysis and management of risk in the building life cycle. The overall aim is then to provide building project stakeholders with a holistic view of risk as basis for decision making.