Risk Management – Decision Making Using Analytical Hierarchy Process

  • Authors

    • Neha P Asrani
    • C Venkatasubramanian
    • D Muthu
    • Padmashree S
    • K Ramakrishnan
    2018-07-20
    https://doi.org/10.14419/ijet.v7i3.12.15917
  • Risk Management, Analytical Hierarchy Process, Risk Factor, Eigen value.

  • Abstract

    A risk assessment practice determines the risk both quantitatively and qualitatively, such that risks are analysed and assessed thoroughly. Several methods are available to mitigate the failures in a construction project. This project focuses on identifying risks and mitigating them to reduce failures. On a questionnaire basis, a survey from various employees working on different projects is conducted by considering seven major factors of risks and the normalised score of each factor is ranked. Based on the normalized score values, least three risk factors were identified and Analytical Hierarchy Process(AHP) is applied by manual calculations. AHP is based on human judgements and objective evaluation, which examines the consistency of the evaluation by Eigen values. Validation of the identified factors is also done through MAT Lab and is compared with the manual method. Consistency and hierarchy of the identified factors has been found out, thereby mitigating the failures and increasing the efficiency of the projects.

     

     

  • References

    1. [1] P. A.Mahendraet.al., “A Study Of Risk Management Techniques For Construction Projects In Developing Countriesâ€, International Journal of Innovative Technology and Exploring Engineering (IJITEE) pp:1-6, Vol 3, Issue 5 (2013).

      [2] Kinnaresh Patel,“A Study On Risk Assessment And Its Management In Indiaâ€, American Journal of Civil Engineering pp: 64-67, 1 (2013)

      [3] JaxKnepperset.al., “Analysis of Adverse Weather for Excusable Delaysâ€, Journal of Construction Engineering and Management pp: 1258-1267, Vol136 (2010)

      [4] Daniel A. Vallero et.al.,Engineering Risks & Failures: Lessons Learned From Environmental Disasters,12 (2012)

      [5] Andi, “Navigational Measures For Managing Defective Designsâ€, Journal of Management in EngineeringVol21, No 1 (2005)

      [6] James E. Diekmann et.al.,“Multicriteria Financial Portfolio Risk Management for International Projectsâ€, Journal of Construction Engineering and Management, Vol130, No. 3 (2004)

      [7] ThanujaRamachandra et.al.,“Mitigating Payment Problems in the Construction Industry through Analysis of Construction Payment Disputesâ€, Journal of Legal Affairs and Dispute Resolution In Engineering And Construction(2014)

      [8] Jamal F. Al-Bahar et.al.,“Systematic Risk Management Approach for Construction Projectsâ€, Journal of Construction Engineering and Management pp: 533-546, Vol116, No 3 (1990)

      [9] MasoudZolghadri et.al., “Identify & Prioritize The Factors Influencing Project Risk By Using AHP& VIKOR Fuzzyâ€, Advanced Computation Techniques in Electromagnetics pp: 70-81,Vol2, Issue 2 (2015)

      [10] Generino P. Siddayaoet.al., “Analytic Hierarchy Process (AHP) In Spatial Modelling For Floodplain Risk Assessmentâ€, International Journal of Machine Learning and Computing,pp: 450-457,Vol4 , No. 5 (2014)

      [11] DoraidDalalah et.al., “Application of the Analytic Hierarchy Process in Multi-Criteria Analysis of the Selection of Cranesâ€, Jordan Journal of Mechanical and Industrial Engineering,pp: 567-578,Vol4, No. 5 (2010)

      [12] Dr. Prasanta Kumar Dey, “Project Risk Management: A Combined Analytic Hierarchy Process and Decision Tree Approachâ€, Cost Engineering, pp: 13-27,Vol44, No.3 (2002)

      [13] T.L Saaty, “The Analytical Hierarchy Process – What it is nd how it is used†, Mathematical Modelling, https://www.sciencedirect.com/science/journal/02700255/9/3">Volume 9, Issues 3–5, 1987, Pages 161-176.

      [14] PejmanRezakhaniKyungpook, “Classifying Key Risk Factors in Construction Projects†Bulletin of the Polytechnic Institute of Jassy -Construction. Architecture Section Tomme: LVIII (LXII),Fascicle 2, pp: 27-38,(2012)

  • Downloads

  • How to Cite

    P Asrani, N., Venkatasubramanian, C., Muthu, D., S, P., & Ramakrishnan, K. (2018). Risk Management – Decision Making Using Analytical Hierarchy Process. International Journal of Engineering & Technology, 7(3.12), 188-190. https://doi.org/10.14419/ijet.v7i3.12.15917

    Received date: 2018-07-20

    Accepted date: 2018-07-20

    Published date: 2018-07-20