scholarly journals A Fuzzy-Based Decision Support Model for Risk Maturity Evaluation of Construction Organizations

Algorithms ◽  
2020 ◽  
Vol 13 (5) ◽  
pp. 115
Author(s):  
Mohammadjavad Arabpour Roghabadi ◽  
Osama Moselhi
Keyword(s):  
Risk Management ◽  
Model Development ◽  
Analytic Network Process ◽  
Maturity Model ◽  
Decision Support Model ◽  
Construction Organizations ◽  
Management Processes ◽  
Network Process ◽  
Risk Maturity ◽  
Maturity Evaluation

Risk maturity evaluation is an efficient tool which can assist construction organizations in the identification of their strengths and weaknesses in risk management processes and in taking necessary actions for the improvement of these processes. The accuracy of its results relies heavily on the quality of responses provided by participants specialized in these processes across the organization. Risk maturity models reported in the literature gave equal importance to participants’ responses during the model development, neglecting their level of authority in the organization as well as their level of expertise in risk management processes. Unlike the existing models, this paper presents a new risk maturity model that considers the relative importance of the responses provided by the participants in the model development. It considered their authority in the organization and their level of involvement in the risk management processes for calculating the relative weights associated with the risk maturity attributes. It employed an analytic network process (ANP) to model the interdependencies among the risk maturity attributes and utilizes the fuzzy set theory to incorporate the uncertainty associated with the ambiguity of the responses used in the model development. The developed model allows the construction organizations to have a more accurate and realistic view of their current performance in risk management processes. The application of the developed model was investigated by measuring the risk maturity level of an industrial partner working on civil infrastructure projects in Canada.

scholarly journals Risk Management Maturity Model for Logistic Processes

2021 ◽  
Vol 13 (2) ◽  
pp. 659
Author(s):  
Agnieszka A. Tubis ◽  
Sylwia Werbińska-Wojciechowska
Keyword(s):  
At Risk ◽  
Risk Management ◽  
Development Strategy ◽  
Assessment Method ◽  
Assessment Process ◽  
Strategy Development ◽  
Maturity Model ◽  
Maturity Level ◽  
Two Stage ◽  
Risk Maturity

Recently, the maturity models for risk management are attracting growing attention. The obtained maturity level defines an assessment of an organization’s management competence. Therefore, as a set of various tools and practices, the maturity model is critical for a company’s overall risk maintenance strategy development and implementation. Thus, the purpose of this article is to present a model for risk management maturity for logistic processes. We investigated the main defined assessment areas for risk maturity model implementation in logistic systems. Based on research findings, we introduced a new risk maturity assessment area based on participation in the supply chain—cooperation at risk. The proposed model constitutes the base for a two-stage assessment method implementation, where the global maturity index is introduced. Finally, we implement the proposed two-stage assessment method to verify the proposed model’s diagnostic function and determine its labor intensity. The study confirmed that the five defined maturity areas (knowledge, risk assessment, process risk management, cooperation at risk, and risk monitoring) provide a complex diagnostic tool for risk maturity level identification and, based on the obtained results, allows to define an appropriate development strategy for a given decision-making environment.

scholarly journals A NEW HYBRID FUZZY CYBERNETIC ANALYTIC NETWORK PROCESS MODEL TO IDENTIFY SHARED RISKS IN PPP PROJECTS

2016 ◽  
Vol 20 (4) ◽  
pp. 409-426 ◽  
Author(s):  
Alireza VALIPOUR ◽  
Nordin YAHAYA ◽  
Norhazilan MD NOOR ◽  
Abbas MARDANI ◽  
Jurgita ANTUCHEVIČIENĖ
Keyword(s):  
Risk Management ◽  
Process Model ◽  
Expert Knowledge ◽  
Analytic Network Process ◽  
Risk Allocation ◽  
Public And Private ◽  
Complex Process ◽  
Allocation Criteria ◽  
Network Process ◽  
Public And Private Sector

A proper risk management strategy is essential in property management. For controlling and reducing risks on Public-Private Partnership (PPP) project, risk allocation is a major component of PPP risk management. Identifying appropriate shared risks and optimal risk allocation in a structured way is a complex process. The aim of this study is to develop a quantitative approach for equitable risk allocation with attention to identifying dependencies between risk allocation criteria and barriers. The paper presents an approach in the form of a hybrid Fuzzy method and Cybernetic Analytic Network Process (CANP) model for identifying shared risks. The approach involves the use of Fuzzy sets to convert linguistic principles and experiential expert knowledge into systematic quantitative analysis and the CANP to solve the problem of dependency and feedback between criteria and barriers as well as selection of shared risks. A case study is presented to demonstrate the use of the model in selecting shared risks. The study involves development of 10 criteria and 8 barriers. Finally, of 40 significant risks, 14 risks are successfully allocated between the public and private sector in Iranian PPP projects.

scholarly journals A MULTI-OBJECTIVE DECISION-SUPPORT MODEL FOR SELECTING ENVIRONMENTALLY CONSCIOUS HIGHWAY CONSTRUCTION METHODS

2015 ◽  
Vol 21 (6) ◽  
pp. 733-747 ◽  
Author(s):  
Gulbin Ozcan-Deniz ◽  
Yimin Zhu
Keyword(s):  
Construction Projects ◽  
Highway Construction ◽  
Analytic Network Process ◽  
Decision Makers ◽  
Decision Support Model ◽  
Environmentally Conscious ◽  
Construction Methods ◽  
Environmental Objectives ◽  
Network Process ◽  
Equipment Type

The construction industry has a considerable share in overall resource and energy consumption. Consequently, decision-makers try to achieve environmentally conscious construction by integrating environmental objectives into the selection of construction elements. Due to the complexity of construction projects, it is a known challenge to provide an effective mechanism to select the most feasible construction methods. Thus, it is crucial to learn the interdependency between various resource alternatives, such as material and equipment type, under various project conditions like unavailability of resources. An analytic network process (ANP) was used in this study to construct a decision model for selecting the most feasible construction method. Data collected via interviews with highway construction experts were used to model the dependency between decision parameters, such as project conditions and resource performance indicators. The proposed ANP model output the relative importance weights of decision parameters so that they can be used to identify environmentally conscious construction methods. The proposed mechanism is a valuable asset for construction decision-makers especially when their ability to select construction methods is limited by project constraints. Although the model was tested in a highway project in this paper, it can be further extended to benefit building construction and sustainable decision-making problems.

Analytical hierarchy processes and Pareto analysis for mitigating cybercrime in the financial sector

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Oluwatoyin Esther Akinbowale ◽  
Heinz Eckart Klingelhöfer ◽  
Mulatu Fekadu Zerihun
Keyword(s):  
Risk Management ◽  
Decision Support ◽  
Pairwise Comparison ◽  
Financial Sector ◽  
Decision Support Model ◽  
Content Type ◽  
Pareto Analysis ◽  
Management Processes ◽  
Decision Support Framework ◽  
The Impact

Purpose The purpose of this study is to use a decision support model based on the Analytical Hierarchy Process (AHP) and Pareto analysis (PA) for ranking the impact of different kinds of cybercrime in organisations in the financial sector to support decisions on cybercrime mitigation. Design/methodology/approach From a structured questionnaire to the staff of 17 licensed banks in South Africa in charge of management, administration and operations, the perceived effect of cybercrime on the organisation’s goals, namely, organisation’s profitability, goodwill, customers’ satisfaction and risk management was derived. The pairwise comparison of the organisation’s goals and identified forms of cybercrime was done using the AHP. Findings The results obtained indicate that there was a consensus (100% of the answers) that the effect of cybercrime has negatively impacted the organisation’s objectives profitability and goodwill. Also, still 95.23% of the respondents agreed that the effect of cybercrime has negatively impacted the level of customers’ satisfaction, while only 7.15% saw an impact on the organisation’s risk management processes. Using these results in the AHP, analysis delivers a hierarchical order about the relevance of prevalent forms of cybercrime for the organisation´s cybercrime mitigation. The PA further shows the magnitude of the forms of cybercrime relative to each other. Practical implications Hence, this study provides a decision support framework for organisational management in the quest to explore the impact of cyber fraud. It can serve as a practical guided approach for the application of AHP analysis for the existing and emerging forms of cybercrime. Originality/value The novelty of this study lies in the fact that the combination of the AHP and PA to support solving a multi-criteria decision problem relating to the prevalence of cybercrime has not been sufficiently highlighted by the existing literature.

Enterprise Risk Management Maturity Levels of the Insurance Industry in Botswana

2021 ◽  
Vol 2 (Issue 1 (January to March 2021)) ◽  
pp. 23-32
Author(s):  
Moreblessing Ngwenya ◽  
Sam Ngwenya
Keyword(s):  
Risk Management ◽  
Insurance Industry ◽  
Continuous Process ◽  
Enterprise Risk Management ◽  
Insurance Companies ◽  
Maturity Model ◽  
Enterprise Risk ◽  
Term Insurance ◽  
Risk Maturity

Enterprise Risk Management (ERM) has become a necessity in the financial sector to fulfil stakeholder expectations. Studies confirm that ERM impacts positively on the performance of firms. The main objective of the study was to assess ERM maturity levels of the insurance industry in Botswana. This was achieved through first designing a framework to measure enterprise risk management maturity levels. The ERMMF incorporated elements from COSO’s ERM framework and the AON risk maturity model obtained through literature review. Data were sourced from four strata; 9 long term insurance companies (15 respondents), 11 short-term insurance companies (19 respondents), 3 reinsurers (5 respondents), and 44 brokerages (75 respondents). While all organisations in the population were used, a sample of 114 out of possible 134 respondents was used. Data were analysed using SPSS version 16. The findings revealed that the insurance industry in Botswana had somewhat implemented ERM. It is therefore recommended that the insurance industry in Botswana should take ERM as a continuous process for growth in ERM maturity levels as such an improvement is highly likely to enhance their performance.

scholarly journals Analisa Prioritas Faktor Kontinuitas Bisnis Industri Pelayaran Indonesia Menggunakan Analytic Network Process (ANP)

Rekayasa ◽  
2019 ◽  
Vol 12 (2) ◽  
pp. 104-111
Author(s):  
Ade Supandi ◽  
Arief Daryanto ◽  
Bunasor Sanim ◽  
Luky Adrianto
Keyword(s):  
Risk Management ◽  
Business Processes ◽  
Analytic Network Process ◽  
Business Continuity ◽  
Shipping Industry ◽  
Management Function ◽  
Sea Transportation ◽  
Network Process ◽  
Directorate General ◽  
Data Analytic

Kejadian ketidakamanan pelayaran di perairan Indonesia oleh Pembajakan dan Perampokan. Dalam insiden (2007-2018) di mana kerugian dilaporkan, kehilangan kargo adalah yang paling umum (33%), diikuti oleh bagian-bagian mesin (15%) dan barang tidak aman (4%). Sementara dari 27 insiden yang dilaporkan pada 2018, tidak ada yang dicuri hanya dalam 10 insiden (37%). Kerugiannya tentu tidak kecil dan mengancam kelangsungan bisnis perusahaan. Penelitian ini dilakukan dari Juni 2018 hingga Desember 2018. Penelitian dilakukan pada perusahaan pelayaran di Jakarta, badan keamanan laut, Direktorat Jenderal Perhubungan Laut dan TNI AL. Data dan fakta dikumpulkan dengan menggunakan kuesioner dan diuji dengan teknik analisis data Analytic Network Process (ANP). Hasilnya sebagai berikut: Fungsi Manajemen Risiko dengan prioritas 0,39092 adalah kriteria dengan prioritas tertinggi. Kemudian berturut-turut mempertahankan proses bisnis dengan prioritas 0,27899, Dokumentasi 0,18325 dan Pengawasan Manajemen dengan prioritas 0,14684. Dari hasil tersebut, kami dapat merekomendasikan bahwa faktor yang paling penting untuk kelangsungan bisnis industri pelayaran adalah Fungsi Manajemen Risiko.Priority Analysis of Indonesia's Delivery Industry Continuity Factors Using Analytic Network Process (ANP)ABSTRACTThe incidence of shipping insecurity in Indonesian waters by piracy and robbery. In incidents (2007-2018) where losses were reported, cargo loss was the most common (33%), followed by engine parts (15%) and unsafe goods (4%). While of the 27 incidents reported in 2018, none were stolen in only 10 incidents (37%). The loss is certainly not small and threatens the company's business continuity. This research was conducted from June 2018 to December 2018. The research was conducted on shipping companies in Jakarta, marine security agencies, the Directorate General of Sea Transportation and the Indonesian Navy. Data and facts were collected using a questionnaire and tested with the Analytic Network Process (ANP) data analysis techniques. The results are as follows: The Risk Management function with a priority of 0.39092 is the criteria with the highest priority. Then maintain business processes with priority 0.27899, Documentation 0.18325 and Management Supervision with priority 0.14684. From these results, we can recommend that the most important factor for the continuity of the shipping industry business is the Risk Management Function.Keywords: Shipping Industry, Business Continuity, Analytic Network Process

Identifying and Analyzing Risks and Responses for Risk Management in Information Technology Outsourcing Projects Under Fuzzy Environment

2014 ◽  
Vol 13 (06) ◽  
pp. 1283-1323 ◽  
Author(s):  
Homa Samadi ◽  
Salman Nazari-Shirkouhi ◽  
Abbas Keramati
Keyword(s):  
Risk Factors ◽  
Information Technology ◽  
Risk Management ◽  
Fuzzy Topsis ◽  
Analytic Network Process ◽  
Point Of View ◽  
Project Risk ◽  
Best Response ◽  
Network Process ◽  
Information Technology Outsourcing

Due to ever-increasing trend in outsourcing information technology projects in today's competitive world, the risk management in information technology outsourcing (ITO) projects is a challenging issue. Hence, this paper reviews and extracts present corresponding risks by literature review to implement risk management in ITO. After reviewing a number of frameworks in the literatures related to prioritizing of extracted risk factors, a new framework is presented to determine the priority of them. Because of network structure of the proposed framework and multi-dimensional nature of the project risk, the fuzzy analytic network process (fuzzy ANP) is applied to prioritize risk factors. Also, since identifying and prioritizing of risk factors cannot necessarily meet the organization's needs related to the project risk, the ways to respond to these factors are evaluated. For this purpose, responses to the five highest ranked risk factors are considered. Prioritization of responses to these risk factors is done by applying fuzzy technique for order preference by similarity to ideal solution (fuzzy TOPSIS) based on four criteria: quality, cost, time, and scope. Results, achieved from experts' judgment, show that the risk factor "Supplier's lack of expertise with an IT operation" is the most significant. Also, the best response for this factor, is "Review of monetary value and volume of suppliers' contracts prior to their selection" according to experts' point of view. In addition, a sensitivity analysis is carried out for validating the results.

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