Project risk management in the construction of high-rise buildings

¹ Moscow State University of Civil Engineering, Yaroslavskoe shosse, 26, Moscow, 129337, Russia
² The Finance and Economics Department, La Rochelle Business School, France
³ Stockholm School of Economics, Russia
⁴ Russian State Social University, Moscow

^* Corresponding author: boristitarenko@mail.ru

Abstract

This paper shows the project risk management methods, which allow to better identify risks in the construction of high-rise buildings and to manage them throughout the life cycle of the project. One of the project risk management processes is a quantitative analysis of risks. The quantitative analysis usually includes the assessment of the potential impact of project risks and their probabilities. This paper shows the most popular methods of risk probability assessment and tries to indicate the advantages of the robust approach over the traditional methods. Within the framework of the project risk management model a robust approach of P. Huber is applied and expanded for the tasks of regression analysis of project data. The suggested algorithms used to assess the parameters in statistical models allow to obtain reliable estimates. A review of the theoretical problems of the development of robust models built on the methodology of the minimax estimates was done and the algorithm for the situation of asymmetric “contamination” was developed.