An Approach to risk quantification in construction projects using EMV analysis

There are many risks events that adversely affect the timely completion, cost, quality and scope of construction projects. Therefore it is important to have understanding about risks that occur during planning, execution and maintenance of construction projects, their probability of occurrence as well as consequences of their occurrence and probability of consequences. A simple yet effective system for risk quantification in construction projects based on Expected Monetary Value (EMV) analysis is proposed in this paper. This system is developed using guidelines available in literature in the area of risk management. The system is checked for practicability and can be used by client as well as contractor’s organization.