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Development of the PRISM Risk Assessment Method Based on a Multiple AHP-TOPSIS Approach

Author

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  • Ferenc Bognár

    (Department of Management and Business Economics, Budapest University of Technology and Economics, Magyar Tudósok Körútja 2, H-1117 Budapest, Hungary)

  • Balázs Szentes

    (Department of Management, University of Pannonia, Egyetem utca 10, H-8200 Veszprém, Hungary)

  • Petra Benedek

    (Department of Management and Business Economics, Budapest University of Technology and Economics, Magyar Tudósok Körútja 2, H-1117 Budapest, Hungary)

Abstract

The PRISM method is a risk assessment approach that focuses on hidden-risk identification and ranking. The combined AHP-PRISM method was created for strategic assessments based on pairwise comparisons. The PRISM and AHP-PRISM methods have remarkable visual decision support and control functions that make them useful in practical problem solving. However, the methods can be successfully applied with the same factor weights. To eliminate this significant disadvantage and enable an in-depth analysis of the alternatives based on the ideal best and ideal worst solutions, AHP-PRISM was integrated with TOPSIS in this study. As a result, the novel AHP-TOPSIS-based PRISM method can be configured more extensively for practical decision-making problems than the previous PRISM approaches. In addition, the novel method supports the ideal best and worst analysis of the alternatives without losing its ability to focus on identifying hidden risk. The method was tested on data related to strategic incident groups of incoming logistics business processes at a nuclear power plant.

Suggested Citation

  • Ferenc Bognár & Balázs Szentes & Petra Benedek, 2022. "Development of the PRISM Risk Assessment Method Based on a Multiple AHP-TOPSIS Approach," Risks, MDPI, vol. 10(11), pages 1-16, November.
    • Handle: RePEc:gam:jrisks:v:10:y:2022:i:11:p:213-:d:967656
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