Authors: S. D. Phad, M. C. Aher
Abstract: Modern construction projects, characterized by their complexity and uniqueness, are inherently susceptible to various risks. These risks represent uncertain events that may arise during the project's life cycle, potentially influencing its objectives either positively or negatively. Positive risks are referred to as opportunities, while negative risks are identified as threats. To effectively harness these opportunities and mitigate threats, the implementation of Risk Management is essential. A novel theoretical framework known as Fuzzy theory enhances the risk management process. This approach not only addresses the challenges posed by inaccurate data but also provides a structured methodology for drawing conclusions. The application of Fuzzy theory is exemplified through a risk assessment of an ongoing residential construction project. By employing a systematic fuzzy model, expert judgment values are transformed into precise metrics. This paper focuses on the application of fuzzy logic models within the construction sector and highlights the benefits of this approach compared to traditional risk assessment methods.