IDEAS home Printed from https://ideas.repec.org/a/wsi/apjorx/v31y2014i03ns0217595914500201.html
   My bibliography  Save this article

Project Risk Ranking In Large-Scale Programs: A Fuzzy Set Based Approach

Author

Listed:
  • OTHONAS ZACHARIAS

    (School of Electrical and Computer Engineering, National Technical University of Athens, 9 Iroon Politechniou Street, Gr 15773 Zografou Athens, Greece)

  • ELENI PANOU

    (School of Electrical and Computer Engineering, National Technical University of Athens, 9 Iroon Politechniou Street, Gr 15773 Zografou Athens, Greece)

  • D. TH. ASKOUNIS

    (School of Electrical and Computer Engineering, National Technical University of Athens, 9 Iroon Politechniou Street, Gr 15773 Zografou Athens, Greece)

  • AIKATERINI VASSILIKOPOULOU

    (Technological Educational Institute of Athens, Agiou Spiridona Street, Gr 12210 Aigaleo, Greece)

Abstract

As most of the global economic activity takes place in the form of projects/programs, their effective management and governance is becoming more and more critical to the competitive position of organizations and societies. Project auditing and risk management, elaborate on methodologies that could be used for analyzing project progress, by identifying potential risks and liabilities, and finally recommending corrective and preventive actions. In relation to these fields, this paper proposes a fuzzy set based approach for project risk ranking in large-scale programs. The proposed approach defines a generic list of risk factors which is used for the ranking and risk assessment of all projects of a program. Data describing projects' progress as well as expert's evaluation of risk factors and project's risk exposure are being used as input parameters to the fuzzy set system. The relative probability of risk appearance due to risk factors for each of the projects is being calculated by providing valuable means for efficient decision-making and success of the program. Finally, this paper describes a case study called Operational Program "Road Axes, Ports, Urban Development" of Community Support Framework III in Greece, where the proposed approach was successfully applied.

Suggested Citation

  • Othonas Zacharias & Eleni Panou & D. Th. Askounis & Aikaterini Vassilikopoulou, 2014. "Project Risk Ranking In Large-Scale Programs: A Fuzzy Set Based Approach," Asia-Pacific Journal of Operational Research (APJOR), World Scientific Publishing Co. Pte. Ltd., vol. 31(03), pages 1-22.
    • Handle: RePEc:wsi:apjorx:v:31:y:2014:i:03:n:s0217595914500201
    DOI: 10.1142/S0217595914500201
    as

    Download full text from publisher

    File URL: http://www.worldscientific.com/doi/abs/10.1142/S0217595914500201
    Download Restriction: Access to full text is restricted to subscribers
    File URL: https://libkey.io/10.1142/S0217595914500201?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Crispim, José & Fernandes, Jorge & Rego, Nazaré, 2020. "Customized risk assessment in military shipbuilding," Reliability Engineering and System Safety, Elsevier, vol. 197(C).

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:apjorx:v:31:y:2014:i:03:n:s0217595914500201. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscinet.com/apjor/apjor.shtml .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.