An MCDM Approach for Evaluating Construction-Related Risks using a Combined Fuzzy Grey DEMATEL Method

Abstract

There is a need for more research into prioritizing project risks based on a sound technique due to the complicated and disorganized character of this stage. The project risk management process typically begins with the identification of critical hazards. This study presents a Grey Fuzzy Decision-Making Trial and Evaluation Laboratory (FGDEMATEL) approach to prioritize potential causes of project risks within Multi-Criteria Decision-Making (MCDM). This framework organizes the numerous risks using the Risk Breakdown Structure (RBS) of the Project Management Institute (PMI). The risk information used in this analysis comes mostly from the views and choices of project experts. Grey theory, which takes language phrases for preference collections and translates them into numerical intervals, is responsible for controlling uncertainty and variance in experts' preferences. As each expert has unique skills and experiences, it evaluates the significance of their opinions using a fuzzy number system that incorporates three dimensions. In the end, the FGDEMATEL approach devised a method to rank various project risks.

Keywords

• fuzzy logic
• project risk management
• grey system theory
• DEMATEL