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This is a Clilstore unit. You can link all words to dictionaries.

How to address uncertainty in construction projects: fundamentals of uncertainty analysis

Uncertainty: the lack of perfect knowledge in the conditions of a project

 

Uncertainty Analysis: Investigation of the potential consequences of project uncertainties.

Risk analysis: particularization of uncertainty analysis where the consequence is undesired (Damage)

Opportunity: particularization of uncertainty analysis where the consequence is desired (Windfall)

 

Kaplan & Garrick, 1981, On the quantitative definition of Risk:

"In analyzing risk we are attempting to envision how the future will turn out if we
undertake a certain course of action (or inaction). Fundamentally, therefore, a risk analysis
consists of an answer to the following three questions:

Why are we ussualy focused on risks rather than on opportunities?

 

Quantitative uncertainty analysis:

 

 

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Short url:   https://clilstore.eu/cs/9177