Data Fitting as the Next Level in the Management of Chances and Risks

Publikation: Beitrag in Buch/Bericht/KonferenzbandBeitrag in einem KonferenzbandBegutachtung

Abstract

In construction projects, data, information, and knowledge create the basic framework for fully achieving the targets defined by the client and the contractor. Furthermore, the knowledge generated from data and information forms the basis for subjecting the individual elements and relationships within the entire production system to a continuous improvement process. When managing chances and risks, it is crucial to know the chance/risk ratio asso-
ciated with specific decisions made. This applies to strategic as well as operational decisions, which are made at all levels and in a wide range of different specialist areas. Regardless of whether it is made on the basis of heuristics (gut feeling or experience) or supported by complex simulation models, any decision will have to rely on corresponding basic data and
information as well as contextual knowledge. Thanks to the increasing integration of new technologies, the collection and processing of such data will also continue to advance in construction management and economics, and thus find its way out of the factory floors and onto construction sites. This systematic data collection and handling aims to acquire, develop, share, distribute, and preserve knowledge, with the ultimate objective to reuse it in a beneficial and profitable manner. This paper deals with the quantitative management of chances and risks and the influence of digitalisation and data collection/documentation. On
the conceptual level, it shows how data fitting can be applied to gain insights from data structures and to incorporate them into the process of managing chances and risks using appropriate models.
Originalspracheenglisch
TitelCreating a European IEM Future at the Intersection "Innovation - Digitalisation - Sustainability"
UntertitelProceedings of the 15th EPIEM Conference 2022
Redakteure/-innenBernd Markus Zunk, Amila Omazic
Herausgeber (Verlag)Verlag der Technischen Universität Graz
Seiten54-59
Seitenumfang6
ISBN (Print)978-3-85125-889-9, 978-3-85125-890-5
DOIs
PublikationsstatusVeröffentlicht - Juni 2022
Veranstaltung15th EPIEM Conference 2022: Creating a European IEM Future at the Intersection “Innovation – Digitalisation – Sustainability” - Graz University of Technology, Graz, Österreich
Dauer: 1 Juni 20224 Juni 2022
http://epiem.azurewebsites.net/15th-epiem-conference-2022/

Publikationsreihe

NameBWL Schriftenreihe
Herausgeber (Verlag)Verlag der Technischen Universität Graz
Nummer29

Konferenz

Konferenz15th EPIEM Conference 2022: Creating a European IEM Future at the Intersection “Innovation – Digitalisation – Sustainability”
Land/GebietÖsterreich
OrtGraz
Zeitraum1/06/224/06/22
Internetadresse

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