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Adm. Sci. 2018, 8(4), 80; https://doi.org/10.3390/admsci8040080

Risk Assessment in PPP Projects by Applying Different MCDM Methods and Comparative Results Analysis

1
Department of Civil Engineering, Shiraz Branch, Islamic Azad University, Shiraz 74731-71987, Iran
2
Department of Civil Engineering, Isfahan (Khorasgan) Branch, Islamic Azad University, Isfahan 81595-39998, Iran
3
Faculty of Civil Engineering, Vilnius Gediminas Technical University, Saulėtekio al. 11, LT-10223 Vilnius, Lithuania
*
Author to whom correspondence should be addressed.
Received: 12 November 2018 / Revised: 28 November 2018 / Accepted: 30 November 2018 / Published: 6 December 2018
(This article belongs to the Special Issue Rational Decision Making in Risk Management)
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Abstract

Recently, risk assessment has become one of the most challenging issues in the areas of construction and public-private partnerships (PPPs). To address risk assessment issues, various decision-making techniques have been proposed, each with its own specific disadvantages and advantages. This paper investigates step-wise weight assessment ratio analysis (SWARA), complex proportional assessment (COPRAS), fuzzy analytic network process (FANP), fuzzy analytic hierarchy process (FAHP), fuzzy technique for order of preference by similarity to ideal solution (FTOPSIS), simple additive weighting (SAW) and evaluation based on distance from average solution (EDAS) in order to define how various multi-attribute decision-making (MADM) methods compare when used for risk assessment in PPP projects. For this study, 5 risk assessment criteria and 10 types of risk used in Iranian highway PPP projects were selected. Four suitability and applicability tests were used to measure agreement between the rankings derived from the MADM methods. Final results show that all techniques had approximately the same rankings of risk assessment, with the SWARA, COPRAS, and EDAS methods performing slightly better. The findings of this study will help the parties in PPP and construction projects to select the best risk assessment method. View Full-Text
Keywords: risk assessment; SWARA; COPRAS; FANP; FAHP; FTOPSIS; SAW; EDAS; PPP project risk assessment; SWARA; COPRAS; FANP; FAHP; FTOPSIS; SAW; EDAS; PPP project
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Valipour, A.; Sarvari, H.; Tamošaitiene, J. Risk Assessment in PPP Projects by Applying Different MCDM Methods and Comparative Results Analysis. Adm. Sci. 2018, 8, 80.

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