Quantitative Risk Assessment Model and Optimization in Infrastructure Fast-Track Construction Projects

The construction industry has extensively applied the fast-tracking approach to demanding need for fast delivery of infrastructure projects. However, fast-track strategy might be threatened by distinctive risks or changes in risk characteristics that emerge when activities are overlapped (overlapping risks). This article proposes a assessment simulation model quantify economic impact overlapping on uses Monte Carlo and proprietary engine solution optimization procedure. It quantifies impacts project duration cost could originate three different degrees evaluates optimal degree reduce risks. demonstration used commercial renovation project. results suggest have high potential total cost, although with probability attaining target duration. Eight top affected duration, both. optimum achieve combines degrees. study contribution is projects considering risks, their characteristic as distribution, relationship between these