A probabilistic framework is developed to analyse a risk management approach adopted by an insurance firm. The analysis shows that when the insurance firm classifies a client as 'superior' and 'most acceptable', the probability of the insurer having to pay out on those claims is negligible. Even...

Treatment of correlation between variables is necessary for deriving any theoretical distribution of the project cost of buildings. This paper highlights some often ignored theoretical requirements necessary for a rigorous treatment of correlations. The condition for a positive definite...

As construction activity has a significant impact on the environment it is vital to consider how to improve the environmental performance of organizations in the construction industry. The ISO 14000 series of standards on environmental management provides construction enterprises with the tool...