Fuzzy multi-criteria decision making model for risk assessment

Shuaib, K. and Hussin, H. and Abd Majid, M.A. (2016) Fuzzy multi-criteria decision making model for risk assessment. ARPN Journal of Engineering and Applied Sciences, 11 (22). pp. 13072-13077.

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Decision making and risk assessment are becoming a challenging task in oil and gas due to the risk related to the uncertainty and imprecision. This paper proposed a model for the risk assessment based on multi-criteria decision making (MCDM) method by integrating Fuzzy-set theory. In this model, decision makers (experts) provide their preference of risk assessment information in four categories; people, environment, asset, and reputation. A fuzzy set theory is used to evaluate likelihood, consequence and total risk level associated with each category. A case study is presented to demonstrate the proposed model. The results indicate that the proposed Fuzzy MCDM method has the potential to be used by decision makers in evaluating the risk based on multiple inputs and criteria. © 2006-2016 Asian Research Publishing Network (ARPN).

Item Type:Article
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ID Code:25357
Deposited By: Ms Sharifah Fahimah Saiyed Yeop
Deposited On:27 Aug 2021 12:58
Last Modified:27 Aug 2021 12:58

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