1. Introduction
The construction projects are considered having high risks due to the numerous stakeholders, long production
duration and open production systems (Taroun, 2013). The increasing constraints which construction companies
face due to the prolonged financial crisis and the contracting construction market impose even more the
application of structured approaches related to the planning, scheduling and monitoring of their projects.
Unfortunately, the construction industry has a poor reputation in risk management comparing with other domains
such as finance or insurance (Laryea, 2008), even if the risk management provides a solid basis for decisionmaking
in projects and brings important benefits, such as: reduced costs, increased engagement with
stakeholders and better change management (Bayati, Gharabaghi & Ebrahimi, 2011).