Risk perception vs. risk reality

Here we explore the feasibility of a rationalized approach to risk within construction procurement by considering explicit engineering risk and perceived risk that selective group of stakeholders share. In particular, the perceived risk is assumed to be dependent on motivational values that individuals identify with. The motivational values are evaluated using 40 questions Swartz Portrait Value Questionnaires. 10 selected hazards are considered in a survey to identify measure of fear and unknown that stakeholders recognize and data analysed. From the outcomes it was identified that by using the alternative approach to establish risk perception the priorities for the stakeholder group in terms of risk can be recognized. Furthermore, the outcomes could be used to target information to stakeholders or intervene to ensure that infrastructure performs according to expectation. As a result, it could become possible to revise what are currently inconsistent acceptable risk levels that have been embedded in active regulatory documentation