Risk evaluation of prefabricated building construction based on PTF-VIKOR of prospect theory

Abstract

The construction stage crucially influences the outcome of prefabricated building projects. Although significant progress has been made in risk evaluation for prefabricated constructions, there is still a need for more research on managers' psychological perspectives. This article aims to address this gap by introducing a PTF-VIKOR model, based on prospect theory, for assessing risks in prefabricated building construction. This model establishes a risk evaluation index from five aspects: personnel, equipment, management, technology, and environment, using IVPFNs for weighting. Unlike the traditional view of decision-maker rationality, this study applies prospect theory to dynamically understand decision-maker psychology. Using PTFNs, the model overcomes the limitations of conventional rationality assumptions, providing a more accurate reflection of initial assessments. The model's effectiveness is demonstrated through a detailed risk analysis for prefabricated building projects. This research helps scholars discover strategies to improve risk management in the construction phase of prefabricated buildings and provides insights for decision-making to promote healthy and sustainable construction development.

Keywords

• Prefabricated building
• Risk management
• Prospect theory
• IVPFNs
• PTFNs