Innovative risk evaluation methodology to address the challenges of multi-criteria decision-making
The American Society of Civil Engineers (ASCE, www.asce.org), Journal of Construction Engineering and Management features the paper Improved Decision Model for Evaluating Risks in Construction Projects by Morteza Yazdani; M. Reza Abdi; Niraj Kumar; and, Mehdi Keshavarz-Ghorabaee. To better evaluate risks in construction projects, the paper proposes “…an innovative risk evaluation methodology to address the challenges of multi-criteria decision-making…” with the fuzzy analytic network process (FANP), interdependencies of risk factors, and failure mode and effect analysis (FMEA).
Improve multi-criteria decision-making and mitigate weather risks in construction projects
Adverse weather is one of the top three reasons for missed milestones in the construction industry and built environment, with negative impacts costing billions of dollars each year in the U.S. Given the complex and dynamic interdependencies of weather risk factors including weather events, schedule impacts, and health, safety and environmental (HSE) hazards, the fuzzy analytic network process (FANP) and failure mode and effect analysis (FMEA) offers new and innovative approaches to improve multi-criteria decision-making and to mitigate weather risks in construction projects.
By Morteza Yazdani, Ph.D.; M. Reza Abdi, Ph.D.; Niraj Kumar, Ph.D.; Mehdi Keshavarz-Ghorabaee, Ph.D.
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.
(Source: Yazdani, Morteza, et al. “Improved Decision Model for Evaluating Risks in Construction Projects.” Improved Decision Model for Evaluating Risks in Construction Projects | Journal of Construction Engineering and Management | Vol 145, No 5, Journal of Construction Engineering and Management, May 2019.)
About the Authors
- Morteza Yazdani, Ph.D., Dept. of Management, Universidad Loyola Andalucai, Seville 41014, Spain.
- Reza Abdi, Ph.D., School of Management, Univ. of Bradford, Emm Ln., Bradford BD9 4JL, UK.
- Niraj Kumar, Ph.D., Management School, Univ. of Liverpool, Chatham St., Liverpool L69 7ZH, UK (corresponding author).
- Mehdi Keshavarz-Ghorabaee, Ph.D., Dept. of Management, Faculty of Humanities (Azadshahr Branch), Gonbad Kavous Univ., Gonbad Kavous 64891-14666, Iran.
- Felix T. S. Chan, Professor, Dept. of Industrial and Systems Engineering, Hong Kong Polytechnic Univ., Hung Hom, Hong Kong.
https://doi.org/10.1061/(ASCE)CO.1943-7862.0001640
ASCE Subject Headings: Failure modes, Case studies, Failure analysis, Decision making, Innovation, Construction management, Risk management, Fuzzy sets
Journal of Construction Engineering and Management, Vol. 145, Issue 5 (May 2019)
© 2019 – 2020 American Society of Civil Engineers.
The Society issues publications of the following types in print and/or electronic forms: journals and practice periodicals; conference proceedings; standards; manuals and reports on engineering practice; committee technical reports; ASCE Press; Bridges wall calendar; engineer, owner, and construction-related contract documents; and special publications. Catalogs of publications of the Society are available from the Publications Marketing Department at https://ascelibrary.org/page/booksellersandagents. General Information is also available online at https://ascelibrary.org.
(Source: https://ascelibrary.org/about)
Headquartered in Cambridge, MA between Harvard and MIT, WeatherBuild® offers a suite of decision support solutions that empower contractors, owners and operators to improve situational awareness and make better-informed decisions about weather events, schedule impacts, safety risks and probable outcomes.
Refer a colleague and enter to win Amazon Gift Cards!
Download WeatherBuild Mobile on the App Store and rate us 5 stars!
Follow WeatherBuild on Twitter at twitter.com/weatherbuild!
Increase productivity. Enhance safety. Manage risk.™
© 2020 Weather Build, Inc. All rights reserved.
“WeatherBuild®”, “Weather Controls®”, and “Decision Support Solutions for the Construction Industry and Built Environment®” are registered trademarks of Weather Build, Inc.
The WeatherBuild “W” logo and app icon, “Construction Command-and-Control™”, “Increase productivity. Enhance safety. Manage risk.™”, “Weather Risk-Adjusted Scheduling™”, “WeatherBuild API™”, “WeatherBuild Basic™”, “WeatherBuild Cloud™”, “WeatherBuild Pro™”, “WeatherBuild Solutions™”, “WeatherBuild Webhooks™” are trademarks of Weather Build, Inc.
###