Expert Evaluation of ChatGPT Performance for Risk Management Process based on ISO 31000 Standard

Al-Mhdawi, M.K.S.; Qazi, Abroon; Alzarrad, Ammar; Dacre, Nicholas; Rahimian, Farzad Pour; Buniya, Mohanad Kamil; Zhang, Hanqin

doi:10.2139/ssrn.4504409

SSRN Journal

2023

DOI: 10.2139/ssrn.4504409

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Expert Evaluation of ChatGPT Performance for Risk Management Process based on ISO 31000 Standard

M.K.S. Al-Mhdawi

Abroon Qazi

Ammar Alzarrad

et al.

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Navigating the Power of Artificial Intelligence in Risk Management: A Comparative Analysis

Yazdi,

Zarei,

Adumene

et al. 2024

Safety

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This study presents a responsive analysis of the role of artificial intelligence (AI) in risk management, contrasting traditional approaches with those augmented by AI and highlighting the challenges and opportunities that emerge. AI, intense learning methodologies such as convolutional neural networks (CNNs), have been identified as pivotal in extracting meaningful insights from image data, a form of analysis that holds significant potential in identifying and managing risks across various industries. The research methodology involves a strategic selection and processing of images for analysis and introduces three case studies that serve as benchmarks for evaluation. These case studies showcase the application of AI, in place of image processing capabilities, to identify hazards, evaluate risks, and suggest control measures. The comparative evaluation focuses on the accuracy, relevance, and practicality of the AI-generated findings alongside the system’s response time and comprehensive understanding of the context. Results reveal that AI can significantly enhance risk assessment processes, offering rapid and detailed insights. However, the study also recognises the intrinsic limitations of AI in contextual interpretation, advocating for a synergy between technological and domain-specific expertise. The conclusion underscores the transformative potential of AI in risk management, supporting continued research to further integrate AI effectively into risk assessment frameworks.

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Navigating the Power of Artificial Intelligence in Risk Management: A Comparative Analysis

Yazdi,

Zarei,

Adumene

et al. 2024

Safety

View full text Add to dashboard Cite

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Assessing the Accuracy of ChatGPT Use for Risk Management in Construction Projects

Aladağ

2023

Sustainability

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Artificial Intelligence (AI) is considered promising digital technology that has important opportunities for enhancing project oversight and delivering improved decision-making in the risk management domain. However, there is a limited amount of research that has evaluated AI tools’ performance in risk management. Therefore, with the intention of sustaining more accurate risk-based decision-making process in the construction industry, this paper investigates the accuracy of ChatGPT in risk management for different project types. In this context, Key Performance Indicators (KPIs) related to each risk management sub-process were determined, and then a questionnaire that consisted of prompt templates was prepared for collecting data from ChatGPT. Afterwards, ChatGPT’s responses were evaluated by experts with focus group sessions. The findings indicate that ChatGPT has a moderate level of performance in managing risks. It provides more accurate knowledge in risk response and risk monitoring rather than risk identification and risk analysis sub-processes. This research paves the way for future studies by demonstrating an implication of ChatGPT use for risk-based decision making. In addition, gaining insight into the precision of ChatGPT in the risk-based decision-making process will empower decision-makers to establish resilience in business operations through technology-driven risk management.

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Expert Evaluation of ChatGPT Performance for Risk Management Process based on ISO 31000 Standard

Cited by 2 publications

References 5 publications

Navigating the Power of Artificial Intelligence in Risk Management: A Comparative Analysis

Navigating the Power of Artificial Intelligence in Risk Management: A Comparative Analysis

Assessing the Accuracy of ChatGPT Use for Risk Management in Construction Projects

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