Project Risk Assessment Model Using Multi-Objective Decision-Making Approach (case study: the earth dam project Asalooye)

Document Type: Research Paper

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Abstract

Risk management is one of the nine project management processes, which provides positive results and minimizes the probability and consequences of adverse effects in the project.  In this article a zero-one linear programming model with multiple objectives is used to characterize the potential risks. The proposed model has two main objectives. The first objective is the minimization of the expected cost of different risks and the Second one is to minimize expected time resulting from potential risks. The model has also two limitations, the first ensures that time effect of occurred risks, does not excess the total effect of the time value of expected risk and the second one controls the cost of occurred risk to be less than or equal to the expected cost values. The LP Metric method is proposed to solve the model and obtain the Pareto optimal solutions for a case study in a dam in Asalouyeh.

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