Title: Assessment and prioritisation of project risk in the oil and gas industry using fuzzy TOPSIS method

Authors: Shahab Amelian; Amir Masoud Ahmadi; Hamid Reza Koofigar

Addresses: Department of Mechanical Engineering, Shahin shahr Branch, Islamic Azad University, Shahin shahr, Iran ' Department of Management, Mobarakeh Branch, Islamic Azad University, Mobarakeh, Isfahan, Iran ' Faculty of Engineering, University of Isfahan, Isfahan 81746-73441, Iran

Abstract: Risk is an inherent element of all projects and it is not easily possible to omit it completely. Although risk can be managed effectively to decrease its effect on achieving project purposes, it might happen in each dimension of the project like time, cost or quality. Risk management is one of the phases of project management and should be first evaluated. Risk assessment means to measure risks based on certain indexes. Opinions of experts were collected in the present survey by using questionnaires to evaluate risks given to criteria such as probability of risk occurrence, effect of expense on project, time effect on project, quality effect on project and the ability to confront risk by the organisation. Then, risks were prioritised using fuzzy technique for order of preference by similarity to ideal solution (TOPSIS) method.

Keywords: risk management; multicriteria decision making; MCDM; fuzzy TOPSIS; oil industry; risk assessment; prioritisation; project risk; oil and gas industry; fuzzy TOPSIS; project management.

DOI: 10.1504/IJDSRM.2016.082048

International Journal of Decision Sciences, Risk and Management, 2016 Vol.6 No.4, pp.363 - 372

Received: 18 May 2015
Accepted: 04 Jan 2016
Published online: 06 Feb 2017 *

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