The Role of Intuition in Risk Management in Construction Industry

Which are usually generated either from personal experiences or from other external situations are the major influences in the intuition supported decision making. The researchers have clearly classified these factors as ‘soft factors’ which are contrary to the usually considered hard factors like project duration, budget, site conditions etc. The importance of soft factors has already been noticed in large number of construction projects. The situations that often warrant such a process of decision making are in the selection of equipments, procurement of manpower and materials etc. Further these decisions are the key risk points that can influence the further course of direction of the projects. As these type of decision making have helped the projects to attain a near optimal solutions the role intuition have on the risk management is obvious. The study presented here analyses the involvement of intuitive parameter in risk management process of the various construction projects reported elsewhere. The report explains the important risk stages in the projects and identified the decision made in each situation. The analysis have revealed that majority of such decisions have a component that couldn’t be quantified. The outputs clearly emphasis the importance of intuitive factors in the risk management process for various stages of construction. Based on these information well structured process of intuition supported decision making shall be evolved that would certainly help to reduce the complexities in the conventional approaches and also give way for wide acceptance for formal approaches in the project risk management.

The risk management has become a very vital tool in the construction industry. Issues on project completion, contractual obligations, design appropriateness, environmental regulatory issues legal aspects to be covered or operational problems are the typical domains where risks are present in a construction project. 

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