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Improved Decision Model for Evaluating Risks in Construction Projects

Yazdani, Morteza and Abdi, M Reza and Kumar, Niraj and Keshavarz-Ghorabaee, Mehdi and Chan, Felix TS (2019) 'Improved Decision Model for Evaluating Risks in Construction Projects.' Journal of Construction Engineering and Management, 145 (5). 04019024-04019024. ISSN 0733-9364

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The paper develops an innovative risk evaluation methodology to address the challenges of multicriteria decision-making problem of project evaluation and selection. The methodology considers the fuzzy analytic network process (FANP) to incorporate the interdependencies of different risk factors, and failure mode and effect analysis (FMEA) to conduct the rating analysis of projects to develop the decision matrix. Finally, evaluation based on the distance from the average solution compares alternative projects and reports the optimal solution. The proposed approach allows project managers to engage in the evaluation process and to use fuzzy linguistic values in the assessment process. A case study from the construction sector is selected to verify the efficacy of the proposed approach over other popular approaches in the literature.

Item Type: Article
Uncontrolled Keywords: Multicriteria decisions; Failure mode and effect analysis; Fuzzy analytical network process; Risk assessment; Construction projects
Divisions: Faculty of Social Sciences
Faculty of Social Sciences > Essex Business School
SWORD Depositor: Elements
Depositing User: Elements
Date Deposited: 28 Jan 2021 13:01
Last Modified: 06 Jan 2022 14:17

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