A Step-By-Step Hybrid Approach Based on Multi-Criteria Decision-Making Methods And A Bi-Objective Optimization Model To Project Risk Management

Abstract

Project success and achieving project objectives and goals highly depend on effective and thorough risk management implementation. This study provides a comprehensive and practical methodology for project risk management. In this paper, firstly, the risks were collected by analyzing the historical documents and literature. Then, the collected risks were screened using brainstorming and categorized into five groups. Subsequently, a questionnaire was made and the identified risks were validated using the Fuzzy Delphi technique. Also, the relationships between risks were determined using the Interpretive Structural Modelling (ISM) method. Moreover, the weights of the criteria used to rank the risks were calculated through the Fuzzy Best-Worst Method. Subsequently, the major risks were determined using the fuzzy WASPAS method. Furthermore, a novel bi-objective mathematical programming model was developed and solved using the Augmented Epsilon-Constraint (AEC) method to choose the optimal risk response strategies for each critical risk. The results demonstrated that the proposed framework is effective in dealing with construction project risks.

Fuzzy Integrated Delphi-ISM-MICMAC Hybrid Multi-Criteria Approach to Optimize the Artificial Intelligence (AI) Factors Influencing Cost Management in Civil Engineering

“…Gupta et al [39] presented a case study on the application of the hybrid model to assess sustainable transportation alternatives in urban areas, facilitating informed decision-making for urban mobility planning. Khalilzadeh et al [40] used the hybrid model to prioritize sustainable practices in the food processing industry, supporting stakeholders in identifying opportunities for improving their environmental performance and competitiveness.…”

“…Risk mitigation (F33): Risk mitigation involves implementing strategies to minimize the impact of identified uncertainties on project finances, ensuring budget compliance and project success. Effective risk mitigation helps control costs, optimize resource allocation, and safeguard the financial viability of civil engineering projects [39,40,43].…”

“…Ensuring privacy and data security prevents unauthorized access, preserves confidentiality, and supports compliance with legal and regulatory requirements, enhancing the integrity of cost management in civil engineering [33,40,45,46,49].…”

Identification and Ranking of Factors Affecting the Delay Risk of High-Rise Construction Projects Using AHP and VIKOR Methods

“…This comprehensive data, sourced from the municipality of the Mashhad City Council in Iran [34], sheds light on the critical factors contributing to project delays. The findings underscore that the primary challenges leading to these delays result in increased project costs, a notable reduction in overall project effectiveness, a significant decline in the quality of work, the necessity for additional budget allocation, expenses incurred for compensating delays, the potential for customer dissatisfaction, delayed utilization of project-generated income, and the crucial aspect of a timely return on the investment [35][36][37][38]. These factors collectively highlight the complex dynamics influencing project timelines and underscore the need for strategic interventions to enhance project management and mitigate the impacts of these delays.…”