Project risk assessment using the analytic hierarchy process

Mustafa, Mohammad; Al‐Bahar, Jamal F.

doi:10.1109/17.65759

Cited by 282 publications

(140 citation statements)

References 10 publications

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“…AHP involves the principles of decomposition, pair wise comparisons, and priority vector generation and synthesis. The power of AHP has been validated by empirical application in diverse areas such as healthcare [16], planning [19,25], mining [14], project management [1], missile systems [7], new product development [1] and manufacturing [13]. In addition AHP has been used in making decisions that involve ranking, selection, evaluation, and selection of machines and IT based systems [4,10,20,22].To construct the hierarchy of objectives and attributes that allow establishing a prioritization scale an extended review of the related literature was conducted.…”

Section: Multicriteria Decision Modelmentioning

confidence: 99%

Spare parts criticality analysis using a fuzzy AHP approach

Durán

2015

Teh. vjesn.

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Original scientific paper A distinctive characteristic of the spare parts inventory system is the need to evaluate or define the criticality of items in the inventory. Therefore, there is a need to consider factors such as cost, failure rate and availability, among others. There are few papers in literature that discuss relevant methods to define a reliable hierarchy of a set of spare parts. Up to now, no article has considered ambiguity and uncertainty factors when performing criticality analysis of spare parts. In addition, criticality analysis involves the simultaneous consideration of multiple criteria, including tangible and intangible factors; prioritizing these factors can be a great challenge and a complex task. Therefore, no attempt has been made to incorporate fuzziness into multicriteria decision-making in the criticality analysis in spare parts management. This work proposes a fuzzy-based methodology for prioritization of spare parts. The proposal is based on a multicriteria decision method called Analytical Hierarchy Process (AHP) with triangular numbers. An example is given to illustrate the proposed methodology. Keywords: Analytic Hierarchy Process (AHP); criticality; fuzzy AHP; spare parts Analiza kritičnosti rezervnih dijelova primjenom pristupa neizrazitog analitičkog hijerarhijskog procesIzvorni znanstveni članak Specifično obilježje sustava zalihe rezervnih dijelova je potreba da se procijeni ili odredi kritičnost stavki u zalihi. Stoga je, između ostalih, potrebno razmotriri čimbenike poput cijene, intenziteta kvarenja i raspoloživosti. Postoji mali broj radova u literaturi koji obrađuju relevantne metode za određivanje pouzdane hijerarhije u skupini rezervnih dijelova. Do sada, nijedan rad nije obradio čimbenike nesigurnosti i dvosmislenosti prilikom analize kritičnosti rezervnih dijelova. Uz to, analiza kritičnosti uključuje istovremeno razmatranje višestrukih kriterija, uključujući stvarne i nestvarne čimbenike; davanje prednosti tim čimbenicima može predstavljati veliki izazov i složen zadatak. Zbog toga se nije pokušalo uključiti neizrazitost (fuzziness) pri donošenju odluka o višestrukim kriterijima u analizi kritičnosti kod upravljanja rezervnim dijelovima. U ovom se radu predlaže fuzzy-temeljena metodologija kod određivanja prednosti (prioritizacije) rezervnih dijelova. Prijedlog se zasniva na metodi donošenja odluke na temelju višestrukih kriterija nazvanoj Analitički Hijerarhijski Proces (AHP) s trokutastim (triangular) brojevima. Daje se primjer za ilustraciju ove metodologije.

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Section: Multicriteria Decision Modelmentioning

confidence: 99%

Spare parts criticality analysis using a fuzzy AHP approach

Durán

2015

Teh. vjesn.

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“…In 1991, Mustafa and Al-Bahar proposed a risk classification scheme, which includes economic risks such as 'inflation', 'exchange rate fluctuation' and 'non-convertibility' [9].…”

Section: B External Risk-economic Aspectmentioning

confidence: 99%

“…Mustafa and Al-Bahar (1991) included 'availability of funds from client' and 'financial default of subcontractor' in the proposed risk classification scheme for the study of project risk assessment using the analytic hierarchy process (AHP) [9].…”

Section: A Internal Risk-financial Aspectmentioning

confidence: 99%

Malaysian Contractors in Gulf Construction: A Preliminary Study on Financial and Economic Risks

Loo¹,

Abdul‐Rahman²

2012

IJET

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Abstract-Middle East possesses a strong spending power that few other economies can contest, presenting a greater medium to long-term opportunities than most other parts of the world, albeit the downturn in Dubai. The aim of this paper is to investigate how Malaysian contractors manage financial and economic risks when operating in the Gulf construction industry. The data collection method was face-to-face in-depth interviews with three experts from Malaysia whom had experiences in Gulf construction industry. This paper identified the financial and economic risks encountered by the Malaysian contractors and their risk response measures. From the findings, it was obvious that the Gulf economies encouraged ventures from foreign firms but the risks faced by those firms were mostly on the internal financial aspects. The findings were purely an indication on the risk management practice in the Gulf based on three in-depth interviews with Malaysian experts in the Gulf construction. This preliminary study did not involve construction projects from all countries in the Gulf region; it covered only Saudi Arabia, Qatar, United Arab Emirates (UAE) and Bahrain, but left out Oman and Kuwait due to the absence of their projects awarded to Malaysian contractors.Index Terms-Economic risk, financial risk, international and overseas construction, risk management.

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“…Being pioneers in adopting Analytic Hierarchy Process (AHP) within construction decision problem analysis, Mustafa and Al-Bahar (1991) assessed risks through the appraising of probability and impact of risk occurrence. AHP was developed by Saaty (1980Saaty ( , 1990 to cope with complex decision-making problems.…”

Section: Fuzzy Logic and Fst In Construction Risk Managementmentioning

confidence: 99%

Design and Pilot Run of Fuzzy Synthetic Model (Fsm) for Risk Evaluation in Civil Engineering

Abdul‐Rahman

Chen

Lee

2013

Journal of Civil Engineering and Management

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Abstract. Most of the current construction risk assessment tools deliver unsatisfactory results because the prerequisite for their effective applications rely on the availability of high quality data especially during the early stage of a project. Unfortunately, such data are limited, ambiguous or even not exist due to the great uncertainty inherent in construction projects. Based on Fuzzy Synthetic Analysis (FSA), a model development team was formed among construction engineers, IT professionals, and Mathematicians in developing a holistic risk assessment model to estimate the construction risks especially for the situations with incomplete data and vague environments. Through qualitative scales defined by triangular fuzzy numbers used in pairwise comparisons to capture the vagueness in the linguistic variables, a risk assessment model using Analytic Hierarchy Process (AHP) was developed. The Pilot Run revealed the developed Fuzzy Synthetic Model (FSM) could accelerate the decisionmaking process and provide optimal allocation of project resources to mitigate possible risks detrimental to the success of a project in terms of time, cost, and quality.

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Project risk assessment using the analytic hierarchy process

Cited by 282 publications

References 10 publications

Spare parts criticality analysis using a fuzzy AHP approach

Spare parts criticality analysis using a fuzzy AHP approach

Malaysian Contractors in Gulf Construction: A Preliminary Study on Financial and Economic Risks

Design and Pilot Run of Fuzzy Synthetic Model (Fsm) for Risk Evaluation in Civil Engineering

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