Risk Assessment in Bridge Construction Projects in Iran Using Monte Carlo Simulation Technique

Risks are an inseparable part of every project, and risk management must be one of the main requirements of every project. According to risk management experts, risk identification and analysis is the most important part of risk management, and can be called the core of risk management. True identification and precise analysis of risks and implementation of risk management in a project can reduce time and cost and improve quality and safety. This research comprehensively and systematically identified and assessed risks in the Iranian bridge construction industry. Risks were identified during various visits and interviews and through questionnaires, risk factors were prioritized according to statistical test results, and quantitative analysis of risks by Monte Carlo simulation was implemented on a real project and its implications on project time and the cost were determined. Financial risk was the most crucial risk factor which negatively influenced projects. Practical solutions for risk assessment and analysis of bridge construction projects are offered which can be utilized by contractors, project managers, and project control engineers in bridge construction companies.