Web-based Risk Assessment Technique for Time and Cost Overrun (WRATTCO) – A Framework

Controlling time and cost overrun of construction projects is very crucial in achieving successful completion of any projects. Unfortunately, construction industry today is facing a major risk in achieving completion of project within estimated time and cost. This risk is caused by various factors. Aiming to treat this problem, this study presents a framework for web-based expert and decision support system in order to assess the risk level of causative factors of time and cost overrun on project success throughout the lifecycle of construction process. It will be integrated with project schedule to estimate the consequences of these factors and forecast the loss of time and cost if the risk factors are not controlled. This will be achieving by implanting the technique of neural network. The program will also be able to suggest the corrective actions in order to control the identified risk factors. Finally, various reports can be generated in presenting the associated problems of the factors and their relative impact of project performance.