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Quantitative risk management aids refinery construction

03.01.2002  |  Dey, P. K.,  University of The West Indies, Cave Hill Campus, Barbados, West Indies

Combining the Analytic Hierarchy Process and decision tree analysis provides an effective means for controlling a complex project

Keywords:

Conventional project management techniques are not always sufficient to ensure that schedule, cost and quality goals are met on large-scale construction projects. These jobs require complex planning, designing and implementation processes. The main reasons for a project's nonachievement in India's hydrocarbon processing industry are changes in scope and design, altered government policies and regulations, unforeseen inflation, under and/or improper estimation. Projects that are exposed to such an uncertain environment can be effectively managed by applying risk management throughout the project life cycle.

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