A risk allocation model among the elements of freeway projects in public-private partnership (PPP) method using integrated fuzzy multi-criteria decision-making techniques

Jokar, Ebrahim; Aminnejad, Babak; Lork, Alireza

doi:10.1080/14488353.2022.2083288

Cited by 5 publications

(8 citation statements)

References 52 publications

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“…{Please insert here Figure 2} Moreover, Fig. 3 reports the trend of criteria weights from proposed approach and Jokar et al [29]' study. This figure shows that both approaches confirmed that the 11 th criterion is the most important indicators, which is related to the complications of obtaining licenses.…”

Section: Executionmentioning

confidence: 99%

“…{Please insert here Table 9} Finally, the proposed method is compared with two another approach. In this respect, these methods are related to simple additive weighting (SAW) method and fuzzy-TOPSIS methodology from Jokar et al [29]' study. The computation results and the ranking of the alternatives with these approaches are shown in Table 10.…”

Section: Executionmentioning

confidence: 99%

“…In this section, the comparative analysis based on some comparison factors such as uncertainty modeling, last aggregation approach, group decision analysis, criteria weights determination, and experts' weight computations from Gitinavard et al [36]' study are provided to represent the advantages of the proposed approach regarding the SAW methodology and Jokar et al [29]' study. However, the comparison reports are explained in details as follows:…”

Section: Comparative Analysismentioning

confidence: 99%

“… Uncertainty modeling: This factor is related to a considered process for copping with imprecise information. The proposed of this study like Jokar et al [29]' study consider fuzzy set theory to cover the uncertainty situation.  Last aggregation approach: This factor in concerning with data loss and the proposed approach of this paper unlike two other approaches developed the proposed approach based on last aggregation process.…”

Section: Comparative Analysismentioning

confidence: 99%

“…Moreover, Tian et al [28] developed a picture fuzzy hierarchical VIKOR method to sustainable assessment of water environment treatment-3P projects. In addition, Jokar et al [29] tailored a fuzzy risk management framework by considering the fuzzy AHP, fuzzy TOPSIS, and fuzzy DEMATEL to determine the critical and common risks and assigning each risk to each partner in 3P projects.…”

Section: Introductionmentioning

confidence: 99%

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An intuitionistic fuzzy weighting and ranking model to evaluate the financing challenges of urban development with public-private partnership projects

2022

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In today's world, one of the most important and basic parts in urban developments is related to the creation and development of a projects with an infrastructure nature. Meanwhile, these development projects can implement under the public-private partnership (3P) projects that financial challenges are the main factor that can affect the success of the project. In this paper, a novel intuitionistic fuzzy soft computing-based ideal solution based on criteria importance determination and experts' weights computations is tailored. In this sake, the criteria importance is computed based on presented intuitionistic fuzzy preference evaluation method and also the experts' weights are determined by proposing an intuitionistic fuzzy utility degree technique. Moreover, the proposed approach is developed based on last aggregation process to decrease the data loss and cover the preferences judgments of experts thorough the method execution. Finally, a real case study is provided to indicate the process of the method execution and assess the effective criteria in 3P projects of urban development. In addition, a comparative assessment and a sensitivity analysis is considered to show the applicability and sensitiveness/robustness of the proposed approach, respectively.

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Section: Executionmentioning

confidence: 99%

Section: Executionmentioning

confidence: 99%

Section: Comparative Analysismentioning

confidence: 99%

Section: Comparative Analysismentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

An intuitionistic fuzzy weighting and ranking model to evaluate the financing challenges of urban development with public-private partnership projects

2022

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Establishing Criteria for the Equitable Allocation of Risks in International Construction Joint Venture (ICJV) Projects

Akunyumu,

Fugar,

Adinyira

2024

Sustainable and Resilient Infrastructure Development in Africa's Changing Climate

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Multi-objective optimal allocation of construction project risks, ant colony optimization algorithm

Khazaeni,

Khazaeni

2024

IJBPA

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PurposeThe purpose of this paper is to introduce a new approach for finding the most appropriate risk allocation among construction contract parties. Although risk allocation is a strategic decision that can greatly affect the cost and time of the project, it is often made based on the personal judgments of employers. That is why owners usually find it a very time-consuming and expensive decision process, while most contractors feel that risk sharing is not done fairly. In this paper, a quantitative model for risk allocation is introduced to fulfill clients’ conflicting expectations in the risk allocation process.Design/methodology/approachBy defining conflicting expectation of owners in the form of three quantitative objectives (lowest cost, maximum reliability and minimum risk exposure), a multi-objective optimization algorithm was developed to select the most appropriate risk allocation. Using experts’ knowledge through fuzzy set theory, a multi-objective decision-making model is developed based on an ant colony optimization algorithm. The proposed model is able to find the optimum risk allocation at the lowest cost and highest reliability while protecting the client against risk exposure within multiple parties projects.FindingsThe proposed model has the ability to select the most appropriate risk allocation in multi-parties projects (such as public–private partnerships) and quantitatively measure the impact of each employer’s choice on project results in the form of cost and time. The results of implementing the proposed model in a case study project revealed that optimum risk allocation requires a balanced attitude, and the transfer of all risks to the other parties will not necessarily lead to the lowest cost. The client should bear more responsibilities in risk management to avoid extreme time delay and cost overrun.Research limitations/implicationsThe proposed model can be implemented in multi-parties projects (such as public–private partnership), while other methods introduced in previous studies can only be used for projects with two party (client and contractor).Practical implicationsBy implementing the proposed model in a real project in this article and comparing its results with previous works, it has been shown that the proposed model has a good performance. Using this model can help clients drastically reduce cost and time and ultimately successfully conclude risk allocation negotiations (which is the most difficult part of any contract negotiation).Originality/valueIn this paper, the risk allocation process is modeled in the form of a multi-objective decision problem. This method helps employers to measure their conflicting goals and choose the most appropriate risk allocation according to their objectives. Also, in this article, the conflicting expectations of the employer in the process of contract negotiations are introduced as three measurable goals, which gives the decision-maker the ability to balance his expectations and not miss an objective. In the final step, an optimization model is developed to select the best option, which can choose the most appropriate party to bear the risk in a short time and among an unlimited number of participants.

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A risk allocation model among the elements of freeway projects in public-private partnership (PPP) method using integrated fuzzy multi-criteria decision-making techniques

Cited by 5 publications

References 52 publications

An intuitionistic fuzzy weighting and ranking model to evaluate the financing challenges of urban development with public-private partnership projects

An intuitionistic fuzzy weighting and ranking model to evaluate the financing challenges of urban development with public-private partnership projects

Establishing Criteria for the Equitable Allocation of Risks in International Construction Joint Venture (ICJV) Projects

Multi-objective optimal allocation of construction project risks, ant colony optimization algorithm

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