Project risk identification and analysis based on group decision making methodology in a fuzzy environment

Abstract Project risk management process can remarkably facilitate project’s complexity via strategic insight. In project risk management, the modelling process of the risks may not be performed sufficiently and exactly, because the available data and information are vague, inexact, imprecise and uncertain by nature. The aim of this paper is to present a new methodology for identifying and analysing risks of projects concurrently by applying Fuzzy Multi-Attribute Group Decision Making (FMAGDM) approach. MAGDM, the essence of identification and analysis of project risks, lets one considers multi-attribute problems for the Decision Maker (DM), sets priorities for each decision factor, and analysis ranking for all alternatives. The paper includes a new procedure for classifying potential risks which it is named Potential Risk Breakdown Structure (PRBS) based on project Work Breakdown Structure (WBS). Lesson learned is used for collecting potential risks. Moreover, Obtained results have been applied in one mega project successfully.

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