Opportunity and risk management in the construction industry

Construction projects are inherently associated with uncertainties. This challenge is often inadequately addressed through purely deterministic calculations. The knowledge and use of probabilistic methods are becoming increasingly important in the context of opportunity and risk management. This is not only relevant for new contract models (e.g., alliance contracts) but also for budget planning, cost estimation, and price formation, as well as in work preparation, execution planning, and life cycle assessments. Thinking in terms of ranges is gaining significance. The seminar is aimed at representatives of both clients and contractors, as well as consultants, students, and researchers. The goal is to provide an insight into operational opportunity and risk management in construction, based on theoretical foundations and proven practical applications. Additionally, hands-on exercises will be conducted to teach the initial steps of model development, simulation, and result interpretation.