Implementation of artificial intelligence into risk management decision-making processes in construction projects

Submitted on 7th September 2017

Successful Risk management needs effective tools. From the sub processes of Risk management. This paper presents a methodology of how to perform a quantitative risk analysis in order to develop a formal risk management, while joining Artificial Neuronal Networks with the execution of Monte Carlo Simulation. Artificial Neuronal Networks allows predicting values from de-fined data banks. Monte Carlo is applicable simulating risks, and the initial values are defined by ANNs. Consequently the combination of both methods is a strong engineering tool for the Risk analysis process. The paper demonstrates its applicability in construction projects together with the use data from the praxis.

Length of Resource
22 pages
Prof. Dr.-Ing. Jürgen Schwarz
Date Published
Publication Type
Resource Type