A Comprehensive and Practical Model to Implement Risk Management in Construction Projects based on PMBOK Standard

Delay and cost over and the main obstacle in nearly every large project. It is understood that even in some cases it can affect project life and stocks value; reducing profit of contractor and employer. The most construction company lack an appropriate process for risk management. For some the deprivation of necessary working culture withheld them from proper implementation of risk management. Therefore, the present study identifies the risk through literature review and case studies and then calculates the risks according to the results of a questionnaire that sent to experts and project managers through fuzzy RPN and FMEA methods. Finally, risk factors that are not within the standard range are analyzed through FTA and ETA methods and their probability of reduction is estimated. The relevant model is applied to a large construction project and its results are described in this article.