Assessment of project risks in fast-track construction projects

Fast-tracking has been extensively used to respond to demands for reduced construction project delivery times. Unique risks arising from the overlapping of activities can threaten the project. A framework is proposed to assess project risks in fast-track construction projects to better understand the intersection of fast-track, risks, and construction. The research used a commercial construction renovation project as a case study, semi-structured interviews, simulation and optimization methods to identify risks of overlapping activities, classify the risks, evaluate the impact of risks and risk mitigation actions, and optimal combinations to minimize the risk impact and mitigation costs. This study resulted in 294 risks, 13 risk standard descriptions, and 11 classification groups. Four types of risk were responsible for 80% of the risks, and the impact in the project cost was more significant than in the project duration, but the risk mitigation with no cost could significantly decrease the project risk exposure.