Improved Decision Model for Evaluating Risks in Construction Projects

Morteza Yazdani, M. Reza Abdi, Niraj Kumar, Mehdi Keshavarz-Ghorabaee, Felix T.S. Chan

Research output: Journal article publicationJournal articleAcademic researchpeer-review

14 Citations (Scopus)

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.

Original languageEnglish
Article number04019024
JournalJournal of Construction Engineering and Management
Volume145
Issue number5
DOIs
Publication statusPublished - 1 May 2019

Keywords

  • Construction projects
  • Failure mode and effect analysis
  • Fuzzy analytical network process
  • Multicriteria decisions
  • Risk assessment

ASJC Scopus subject areas

  • Civil and Structural Engineering
  • Building and Construction
  • Industrial relations
  • Strategy and Management

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