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

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.