Policy-Oriented Risk Assessment and Control Strategies for Engineering Costs: Insights from Gray System Modeling

In order to ensure the economic benefits and quality standards of construction projects, engineering cost risk assessment and control is particularly important in engineering project management. This paper constructs the engineering cost risk assessment index system based on the identification process of engineering cost risk factors and the establishment process of assessment index system. Then use the entropy weight method to solve the risk assessment index weights, combined with the gray system theory to obtain the gray correlation degree of cost risk assessment, and modeling assessment of engineering cost risk index. Taking a construction project as an example, the cost risk assessment is used to propose the engineering cost risk control strategy. The impact of the design stage in the cost risk assessment is the largest (0.3273), the impact of the completion stage is the smallest (0.0581), and the gray correlation of the overall cost risk is between 0.223 and 0.236, which is at the level of low risk and general risk. After the implementation of cost risk assessment management, the return yield of the investor increased by 8.52 percentage points. By analyzing the importance of project cost risk assessment and discussing its theoretical basis and practical application, in order to provide theoretical support and practical guidance for improving the level of project cost risk control.