Comprehensive Hybrid Framework for Risk Analysis in the Construction Industry Using Combined Failure Mode and Effect Analysis, Fault Trees, Event Trees, and Fuzzy Logic

AbstractThe nature of the construction industry is characterized by many risks and uncertainty inherent in every phase of the project life cycle. Risk management, therefore, is essential for a construction project to succeed in fulfilling its project objectives. In conventional event-tree analysis, the probability of the risk event, the probability of failure/success of different mitigation strategies, and the consequences of different paths must be assessed to allow for quantitative event-tree analysis. However, conducting quantitative event-tree analysis, especially in construction projects, entails several difficulties attributed to the lack of sufficient data. To overcome this challenge, this paper presents a comprehensive framework in which experts can use linguistic terms rather than numerical values to conduct event-tree analysis and calculate the expected monetary value (EMV) of risk events. The proposed framework is based on combining failure mode and effect analysis (FMEA), fault trees, event tr...