An integrated approach for risk assessment in port projects

Abstract

Port risk management is utilized to describe a sequence of the analysis and management activities focused on creating specific responses to inherent risks in port projects. Risk assessment is taken into account in the projects; however, it is still comparatively neglected for the assessment process with non-parametric resampling techniques and interval analysis. The required data and experts' judgments in developing countries are often small. Hence, traditional approaches cannot assist such problems remarkably. An integrated approach is proposed in this paper for risk assessment in port projects for the use of the bootstrap and interval computations. In an application example, the proposed approach is investigated in detail. Finally, the traditional and proposed approaches are compared.

Relationship between knowledge-based risk and risk identification

“…In addition to classifying possible risks, the rules contained in this module will determine the intensities of risks (Lee 2014). Project risk identification includes the review of project data from any source of information that allows for the recognition of a potential risk problem (Mousavi, Hashemi & Mojtahedi 2014). This information includes risk identification techniques and key project documents, such as questionnaires, checklists, brainstorming, expert judgement, cost analysis, scope definitions and any other relevant documentation about the project and its purpose.…”