A systematic literature review of multicriteria and multi-objective models applied in risk management

Almeida, Adiel Teixeira de; Alencar, Marcelo Hazin; Garcez, Thalles Vitelli; Ferreira, Rodrigo José Pires

doi:10.1093/imaman/dpw021

Cited by 70 publications

(29 citation statements)

References 274 publications

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“…The need to take multiple parameters for the risk evaluation into account is it is often addressed with multi-criteria methods in the scientific and technical community. In particular, the such approaches are very useful in risk assessment and management as specified in the review work of de Almeida et al (2017). Multicriteria method are particularly effective thanks to its peculiarity of subdividing a complex problem into its basic components in order to obtain a hierarchical scheme of the phenomenon (Sangiorgio et al, 2020a(Sangiorgio et al, , 2020b.…”

mentioning

confidence: 99%

A multicriteria approach for risk assessment of Covid-19 in urban district lockdown

Sangiorgio

Parisi

2020

Safety Science

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At the beginning of 2020, the spread of a new strand of Coronavirus named SARS-CoV-2 (COVID-19) raised the interest of the scientific community about the risk assessment related to the viral infection. The contagion became pandemic in few months forcing many Countries to declare lockdown status. In this context of quarantine, all commercial and productive activities are suspended, and many Countries are experiencing a serious crisis. To this aim, the understanding of risk of contagion in every urban district is fundamental for governments and administrations to establish reopening strategies. This paper proposes the calibration of an index able to predict the risk of contagion in urban districts in order to support the administrations in identifying the best strategies to reduce or restart the local activities during lockdown conditions. The objective regards the achievement of a useful tool to predict the risk of contagion by considering socioeconomic data such as the presence of activities, companies, institutions and number of infections in urban districts. The proposed index is based on a factorial formula, simple and easy to be applied by practitioners, calibrated by using an optimization-based procedure and exploiting data of 257 urban districts of Apulian region (Italy). Moreover, a comparison with a more refined analysis, based on the training of Artificial Neural Networks, is performed in order to take into account the non-linearity of the phenomenon. The investigation quantifies the influence of each considered parameter in the risk of contagion useful to obtain risk analysis and forecast scenarios.

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confidence: 99%

A multicriteria approach for risk assessment of Covid-19 in urban district lockdown

Sangiorgio

Parisi

2020

Safety Science

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“…Other of them are as follows: sustainability issues are analyzed (Shen, Zavads-kas, & Tzeng, 2018;Zavadskas, Antucheviciene, Vilutiene, & Adeli, 2017;Zavadskas, Govindan, Antucheviciene, & Turskis, 2016), energy efficient (Kaya, Çolak, & Terzi, 2018;Cajot, Mirakyan, Koch, & Maréchal, 2017;Mardani et al, 2017aMardani et al, , 2017b) and renewable energy (Lee & Chang, 2018;Colak & Kaya, 2017;Kumar et al, 2017;Strantzali & Aravossis, 2016), green supply chain (Banasik, Bloemhof-Ruwaard, Kanellopoulos, Claassen, & van der Vorst, 2018), green technologies (Si, Marjanovic-Halburd, Nasiri, & Bell, 2016), a material choice for natural fiber composites (Noryani, Sapuan, & Mastura, 2018), sustainable material selection (Govindan, Shankar, & Kannan, 2016). de Almeida, Alencar, Garcez, and Ferreira (2017) analyzed MCDM approaches in risk management. Zavadskas, Antucheviciene, Turskis, and Adeli (2016) presented hybrid MCDM review in engineering field; Mardani et al (2017a) reviewed SWARA and WASPAS methods; Ameyaw, Hu, Shan, Chan, and Le (2016) reviewed application of Delphi in construction engineering and management research.…”

Section: Related Workmentioning

confidence: 99%

A Bibliometric Data Analysis of Multi-Criteria Decision Making Methods in Heritage Buildings

Morkūnaitė

Kalibatas

Kalibatiene

2019

Journal of Civil Engineering and Management

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Numerous countries are trying to find the best solution for conservation, restoration or reuse of the heritage buildings, preserving their cultural, historical, ethnic and spiritual values. The scientists, researchers and government are analysing the problems concerning with heritage building’s, like seismic issues, energy saving, sustainability, structures, materials and adaptive reuse. Since, heritage buildings’ reuse and preservation are characterized by multiple criteria, a multi-criteria decision making (MCDM) methods are useful in finding rational solutions for the previously mentioned problems. The current paper aims to overview papers on the MCDM approaches application in regard to heritage buildings’ reuse and preservation area. This study employs a bibliometric data analysis to explore state-of-the-art of the defined topic and an in-deep analysis – to synthesize the knowledge domain and critically evaluate a thorough literature in the analysed topic. As a result, scientific maps were created to reveal the knowledge domain of MCDM approaches in heritage buildings’ reuse and preservation. Finally, research gaps and future research directions are identified. Results of the analysis shows that till now MCDM approaches are not widely used in solving heritage buildings reuse and preservation issues. Moreover, there is luck of complex problem solving approach in cultural heritage buildings area.

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“…The use of MCDM/A for Risk Management decisions has been increasing lately. A systematic literature review was presented in [36], and the main criterion areas found included safety, financial, environmental, social, and infrastructure. A hybrid FMEA model is applied to evaluate the risk of superficial water gasification systems [26], considering subjective and objective weights and linguistic terms.…”

Section: Mcdm/a For Credit Risk Ratingmentioning

confidence: 99%

Sovereign Credit Risk Assessment with Multiple Criteria Using an Outranking Method

Silva

et al. 2018

Mathematical Problems in Engineering

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In view of the records of failures in rating agencies’ assessments for sorting countries’ quality of credit in degrees of default risk, this paper proposes a multicriteria sorting model using reference alternatives so as to allocate sovereign credit securities into three categories of risk. From a numerical application, what was observed from the results was a strong adherence of the model in relation to those of the agencies: Standard & Poor's and Moody's. Since the procedure used by the agencies is extremely subjective and often questioned, the contribution of this paper is to put forward the use of an objective and transparent methodology to sort these securities. Given the agencies’ conditions for undertaking the assessment, a complete similarity between the results obtained and the assignments of the agencies was not expected. Therefore, this difference arises from subjective factors that the agencies consider but the proposed model does not. Such subjective and questionable aspects have been partly responsible for the credibility of these credit agencies being diminished, especially after the 2007-2008 crisis.

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A systematic literature review of multicriteria and multi-objective models applied in risk management

Cited by 70 publications

References 274 publications

A multicriteria approach for risk assessment of Covid-19 in urban district lockdown

A multicriteria approach for risk assessment of Covid-19 in urban district lockdown

A Bibliometric Data Analysis of Multi-Criteria Decision Making Methods in Heritage Buildings

Sovereign Credit Risk Assessment with Multiple Criteria Using an Outranking Method

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