| Risk analysis in the construction industry involves identifying risk events that could potentially affect a project and its delivery, quantifying those risks, and developing mitigation strategies to enhance project success. This thesis aims to improve the process of risk analysis through the enhancement of the quantification process (QRA) using Monte Carlo techniques. In particular, this study investigates qualitative verbal expressions utilized when gathering information from experts and the methods by which they are converted into quantitative data for analysis. The effects of the quantitative data used as inputs have been found to affect the resulting values and distributions. In order to enhance this process, a survey is created to better understand verbal expressions used in the risk analysis process. This has resulted in a table of corresponding quantitative values, in terms of deterministic values and beta distributions, which can be utilized for QRA and extended to other areas of academia. |
