RISK ASSESSMENT OF RESIDENTIAL BUILDINGS IN INDIAN CONSTRUCTION INDUSTRY BY APPLICATION OF FUZZY

Organizations of all types and sizes face various uncertainties that make it difficult to achieve their objectives and goals. The effect these uncertainties have on organizations objective is termed as ‘risk'. Construction industries are more prone to risks due to their complexity, uniqueness and a large number of activities within the project. The struggle and disputes facing by construction industry due to risks have made risk management inevitable. As construction industries requires a large amount of investment for execution of projects, resources should be properly utilized which could be achieved by proper risk management. Fuzzy set theory has the ability to deal with the inexact information which construction projects deal while making decisions. This ability of the fuzzy set theory to explain the reasoning process has made it to apply in the field of the risk management. A questionnaire was prepared with 52 identified risk factors that are expected to occur in the construction projects and filled by the contractors, engineers which are used for analysis. This paper describes the step by step process involved in risk management and analyzing the various identified risk factors using the fuzzy logic tool box in the MATLAB software.