Fuzzy Group Decision Making: A case using FTOPSIS in mega project risk identification and analysis concurrently

This study aims at improving the quality and effectiveness of decision making in project risk management. Conventional approaches to risk identification and risk assessment separately tend to be less effective in dealing with the imprecise of the risk assessment individually. In order to solve this problem, project manager need to evaluate their problem including both quantitative and qualitative criteria and to make accurate decisions. For this reason, a systematic decision process for identifying and analyzing risks concurrently by applying multi attribute group decision making (MAGDM) in fuzzy environment is proposed. The paper introduces a new procedure for classifying potential risks. Obtained results have been applied in one mega project successfully.

I. INTRODUCTION

The risk management process aims to identify and assess risks in order to enable the risks to be understood clearly and managed effectively. The key step linking identification and assessment of risks with their management is understanding. There are many commonly used techniques for risk identification and analysis separately. These identification techniques, however, tend to procedure an understand list of risks that often does not directly assist the project manager in knowing where to focus risk management attention. Qualitative assessment can help to prioritize identified risks by estimating probability and impacts, exposing the most significant risks; but this deals with risks one at a time and does not consider possible patterns of risk explosive, and so also does not provide an overall understanding of the risk faced by the project as a whole [1]. In this paper, we want to introduce an applicable methodology which can identify and assess project risks concurrently in fuzzy environment.