Although the risk quantification model has been developed for mega construction projects, it can also be implemented in other project-based industries with minor modifications. Modified model for AHP Expert Choice Logical Decisions Make It Rational Right Choice DSS Super Decisions software evaluation At model level 1, weights PW1 to PW3 and CW1 to CW2 stand for the comparisons between the derived criteria located between the overall goal (choice of suitable AHP software) and the alternatives (the five software products). Hence, the novel approach proposed in this study is expected to contribute both to the literature by unveiling the interactions between risk-related concepts and to the practitioners by assisting them in assessing the project risks more realistically. The Decision Making With Multiple Criteria 893 Words 4 Pages. Validation studies revealed the potential of the ANP-based model in quantifying the project risks. The validity of the findings was tested through the data of 11 mega construction projects. The resulting model helped to prioritize the risk sources in mega construction projects.
With the purpose of improving the efficiency and reliability of the knowledge elicitation process, the Delphi study was supported by an interactive data collection tool capable of ANP calculations. The weights of the risk sources in the ANP model were determined by the domain experts through a two-round Delphi study. For this purpose, a conceptual risk assessment process developed for mega construction projects was operationalized with an Analytic Network Process (ANP) model. In order to fill this gap, this research aims to develop a holistic risk quantification approach incorporating risk-related concepts. However, existing project management practices lack a structured synthesis of these concepts, which leads to unrealistic risk assessments, ineffective management strategies, and poor project performance. Risk, complexity, and uncertainty are inherent components of megaprojects due to their unique features.
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