TY - JOUR
T1 - A Step-By-Step Hybrid Approach Based on Multi-Criteria Decision-Making Methods And A Bi-Objective Optimization Model To Project Risk Management
AU - Khalilzadeh, Mohammad
AU - Banihashemi, Sayyid Ali
AU - Božanić, Darko
N1 - Publisher Copyright:
© 2024 Regional Association for Security and crisis management. All rights reserved.
PY - 2024
Y1 - 2024
N2 - Project success and achieving project objectives and goals highly depend on effective and thorough risk management implementation. This study provides a comprehensive and practical methodology for project risk management. In this paper, firstly, the risks were collected by analyzing the historical documents and literature. Then, the collected risks were screened using brainstorming and categorized into five groups. Subsequently, a questionnaire was made and the identified risks were validated using the Fuzzy Delphi technique. Also, the relationships between risks were determined using the Interpretive Structural Modelling (ISM) method. Moreover, the weights of the criteria used to rank the risks were calculated through the Fuzzy Best-Worst Method. Subsequently, the major risks were determined using the fuzzy WASPAS method. Furthermore, a novel bi-objective mathematical programming model was developed and solved using the Augmented Epsilon-Constraint (AEC) method to choose the optimal risk response strategies for each critical risk. The results demonstrated that the proposed framework is effective in dealing with construction project risks.
AB - Project success and achieving project objectives and goals highly depend on effective and thorough risk management implementation. This study provides a comprehensive and practical methodology for project risk management. In this paper, firstly, the risks were collected by analyzing the historical documents and literature. Then, the collected risks were screened using brainstorming and categorized into five groups. Subsequently, a questionnaire was made and the identified risks were validated using the Fuzzy Delphi technique. Also, the relationships between risks were determined using the Interpretive Structural Modelling (ISM) method. Moreover, the weights of the criteria used to rank the risks were calculated through the Fuzzy Best-Worst Method. Subsequently, the major risks were determined using the fuzzy WASPAS method. Furthermore, a novel bi-objective mathematical programming model was developed and solved using the Augmented Epsilon-Constraint (AEC) method to choose the optimal risk response strategies for each critical risk. The results demonstrated that the proposed framework is effective in dealing with construction project risks.
KW - Augmented Epsilon-Constraint
KW - Bi-objective mathematical model
KW - Fuzzy BWM
KW - Fuzzy WASPAS
KW - Project risk management
UR - http://www.scopus.com/inward/record.url?scp=85187309297&partnerID=8YFLogxK
U2 - 10.31181/dmame712024884
DO - 10.31181/dmame712024884
M3 - Article
AN - SCOPUS:85187309297
SN - 2560-6018
VL - 7
SP - 442
EP - 472
JO - Decision Making: Applications in Management and Engineering
JF - Decision Making: Applications in Management and Engineering
IS - 1
ER -