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VPRS-Based Group Decision-Making for Risk Response in Petroleum Investment

Author

Listed:
  • Gang Xie

    (Chinese Academy of Sciences, China)

  • Wuyi Yue

    (Konan University, Japan)

  • Shouyang Wang

    (Chinese Academy of Sciences, China)

Abstract

From the perspective of risk response in petroleum project investment, the authors use a group decision-making (GDM) approach based on a variable precision rough set (VPRS) model for risk knowledge discovery, where experts were invited to identify risk indices and evaluate risk exposure (RE) of individual projects. First, the approach of VPRS-based GDM is introduced. Next, while considering multiple risks in petroleum project investment, the authors use multi-objective programming to obtain the optimal selection of project portfolio with minimum RE, where the significance of risk indices is assigned to each of corresponding multi-objective functions as a weight. Then, a numerical example on a Chinese petroleum company’s investments in overseas projects is presented to illustrate the proposed approach, and some important issues are analyzed. Finally, conclusions are drawn and some topics for future work are suggested.

Suggested Citation

  • Gang Xie & Wuyi Yue & Shouyang Wang, 2010. "VPRS-Based Group Decision-Making for Risk Response in Petroleum Investment," International Journal of Knowledge and Systems Science (IJKSS), IGI Global, vol. 1(3), pages 45-54, July.
    • Handle: RePEc:igg:jkss00:v:1:y:2010:i:3:p:45-54
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