Abstract
The Engineering, Procurement, and Construction (EPC) projects in construction industry operate in complex and unpredictable environments, making risk assessment and management a critical component of project success. This study aims to improve risk management procedures and support informed decision-making by methodically identifying and ranking risks in EPC projects using a Multi-Criteria Decision-Making (MCDM) approach in the face of uncertainty.
The MCDM approach allows for a systematic comparison of risks while considering their interrelationships, thereby providing a comprehensive risk ranking. The research outcomes contribute significantly to the field of EPC project risk management under uncertain circumstances. By combining MCDM techniques with probabilistic modeling, project teams gain valuable insights into risk exposure and prioritize risk response actions more effectively. This approach empowers decision-makers to allocate resources efficiently and enhance project resilience amid uncertain conditions.
The MCDM approach allows for a systematic comparison of risks while considering their interrelationships, thereby providing a comprehensive risk ranking. The research outcomes contribute significantly to the field of EPC project risk management under uncertain circumstances. By combining MCDM techniques with probabilistic modeling, project teams gain valuable insights into risk exposure and prioritize risk response actions more effectively. This approach empowers decision-makers to allocate resources efficiently and enhance project resilience amid uncertain conditions.
| Original language | English |
|---|---|
| Journal | International Journal of Productivity and Quality Management |
| Publication status | Accepted/In press - 15 Apr 2024 |
Keywords
- Risk
- Risk Assessment
- EPC Projects
- Uncertainty
- Risk Ranking
