Improved Decision Model for Evaluating Risks in Construction Projects
Publication: Journal of Construction Engineering and Management
Volume 145, Issue 5
Abstract
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.
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Data Availability Statement
Data generated or analyzed during the study are available from the corresponding author by request. Information about the Journal’s data-sharing policy can be found here: http://ascelibrary.org/doi/10.1061/(ASCE)CO.1943-7862.0001263.
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Published In
Journal of Construction Engineering and Management
Volume 145 • Issue 5 • May 2019
Copyright
©2019 American Society of Civil Engineers.
History
Received: Feb 5, 2018
Accepted: Oct 1, 2018
Published online: Feb 20, 2019
Published in print: May 1, 2019
Discussion open until: Jul 20, 2019
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