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Complex construction projects are risky owing to several features and factors. Their management involves risk assessment which is subjected to various behavioural tendencies and the existing body of knowledge lacks appropriate methods to quantify these effects. The prevalent standard model of Expected Utility Theory does not differentiate between threat and opportunity, resulting into an identical estimation for both facets of risk. This limitation was addressed by Prospect Theory which better captures risk preferences. However, construction industry still relies upon conventional methods of risk assessment. The current study introduces a weighting function to better quantify the cognitive errors in construction risk assessment by adjusting the over- and under-estimation. In doing so, detailed scenario-based, semi-structured interviews are conducted engaging senior professionals. It is found that, typically, opportunities are underestimated by 7.5% and threats are overestimated by 8%. Integrating these findings into risk response strategies results into a realistic and effective resource allocation.

Electricity crisis has become a key issue in Pakistan mainly due to a tenacious and spreading gap between demand and supply. Moreover, the current production is causing severe environmental and energy security issues due to reliance on thermal sources. Stakeholders are hindered to address these issues due to a significant knowledge gap causing discrepancies in power policies. A comprehensive approach over the sustainability dimensions is missing due to non-adoption of life cycle thinking. This study adopts an integrated approach of life cycle sustainability assessment of the electricity sector in Pakistan for proposing policy guidelines and implementation framework to optimize the future energy mixes. In total, 20 sustainability indicators have been assessed covering life cycle of seven electricity generation sources, currently in use. These sources have been ranked by equally weighting the sustainability dimensions and respective indicators. Hydropower is found as the most sustainable option having lowest environmental and economic impacts. While due to worst economic and social impacts, oil is found to be the least sustainable option for the country. While establishing tradeoffs between different electricity generation sources, this study presents an unbiased view and highlights the worth of life cycle approach in sustainability assessment for improving the energy policies.