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.
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.
| Original language | English |
|---|---|
| Title of host publication | Creating a European IEM Future at the Intersection "Innovation - Digitalisation - Sustainability" |
| Subtitle of host publication | Proceedings of the 15th EPIEM Conference 2022 |
| Editors | Bernd Markus Zunk, Amila Omazic |
| Publisher | Verlag der Technischen Universität Graz |
| Pages | 54-59 |
| Number of pages | 6 |
| ISBN (Print) | 978-3-85125-889-9, 978-3-85125-890-5 |
| DOIs | |
| Publication status | Published - Jun 2022 |
| Event | 15th EPIEM Conference 2022: Creating a European IEM Future at the Intersection “Innovation – Digitalisation – Sustainability” - Graz University of Technology, Graz, Austria Duration: 1 Jun 2022 → 4 Jun 2022 http://epiem.azurewebsites.net/15th-epiem-conference-2022/ |
Publication series
| Name | BWL Schriftenreihe |
|---|---|
| Publisher | Verlag der Technischen Universität Graz |
| Number | 29 |
Conference
| Conference | 15th EPIEM Conference 2022: Creating a European IEM Future at the Intersection “Innovation – Digitalisation – Sustainability” |
|---|---|
| Country/Territory | Austria |
| City | Graz |
| Period | 1/06/22 → 4/06/22 |
| Internet address |