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Risk assessment in project management by a graph-theory-based group decision making method with comprehensive linguistic preference information

Author

Listed:
  • Ran Fang
  • Huchang Liao
  • Zeshui Xu
  • Enrique Herrera-Viedma

Abstract

Risk assessment is a vital part in project management. It is possible that experts may provide comprehensive linguistic preference information in distinct forms with respect to different aspects of the risk assessment problem in investment management. It is a challenge to model and deal with comprehensive linguistic preference assessments in multiple forms given by experts. In this regard, this paper defines the generalised probabilistic linguistic preference relation (GPLPR) to represent different forms of linguistic preference information in a unified structure. Then, a probability cutting method is proposed to simplify the representation of a GPLPR. Afterwards, a graph-theory-based method is developed to improve the consistency degree of a GPLPR. A group decision making method with GPLPRs is then proposed to carry on the risk assessment in project management. Discussions regarding the comparative analysis and managerial insights are given.

Suggested Citation

  • Ran Fang & Huchang Liao & Zeshui Xu & Enrique Herrera-Viedma, 2023. "Risk assessment in project management by a graph-theory-based group decision making method with comprehensive linguistic preference information," Economic Research-Ekonomska Istraživanja, Taylor & Francis Journals, vol. 36(1), pages 86-115, March.
    • Handle: RePEc:taf:reroxx:v:36:y:2023:i:1:p:86-115
    DOI: 10.1080/1331677X.2022.2070772
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