Risk management tool for improving project flows for construction projects on existing buildings

Old cores of European cities make more than 35% of the entire building stock in Europe, which and often form the social, financial, and touristic centers of cities. These old buildings require constant investments in terms of renewal and preservation to retain their usefulness. Existing risk management tools do not provide sufficient support when managing these types of projects. Hence, previously developed risk breakdown structures (RBSs) for projects on existing buildings were extended to enable simpler project management and clear visibility of critical risks. Previous studies focused on RBSs for construction projects in general. Research with respect on real life projects showed that some risk sources posed a greater threat and had more risk triggers than other risk sources. This study identified critical risk sources with respect to existing RBS and conducted a further analysis of these risk sources. The results of the study examined the fully developed RBS for existing building construction projects with further structuring of specific risk sources. Furthermore, the study identified stakeholders and assigned their risk resolution responsibilities.