Creating a Web-based Quantitative Risk Assessment Model for Construction Based on the Project Life Cycle Perspective

This study aims to develop a web-based quantitative risk assessment model for the construction industry, focusing on the entire project life cycle. The construction industry is known for its higher risk compared to other sectors. In response to safety concerns, the South Korean government has mandated safety risk assessments before the construction phase. However, these methods have been predominantly qualitative and subjective. To address this issue, this study proposes a web-based quantitative risk assessment model tailored to the construction industry, considering the entire project life cycle. The outlined four-step approach for the model's development entails data collection to gather relevant data, accident probability calculation by determining the likelihood of accidents, project characteristic definition of identifying project-specific attributes, and accident-related loss calculation by assessing potential losses due to accidents. This model was then applied to actual construction projects. The findings indicate estimated accident-related losses of 100 million KRW, with a fatality rate of 1.02 and an injury rate of 1.50 during the project phase. In the design phase, the rates were 4.6×10^-2 for fatality and 3.7×10^-2 for injury, while in the construction phase, they were 4.2×10^-4 for fatality and 1.3×10^-3 for injury. This study provides a valuable tool for assessing high-risk areas throughout the entire project life cycle, thereby contributing to improved safety practices in the construction industry.