Fuzzy multi-criteria decision making model for risk assessment
Decision making and risk assessment are becoming a challenging task in oil and gas due to the risk related to the uncertainty and imprecision. This paper proposed a model for the risk assessment based on multi-criteria decision making (MCDM) method by integrating Fuzzy-set theory. In this model, dec...
| Main Authors: | Shuaib, K., Hussin, H., Abd Majid, M.A. |
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| Format: | Article |
| Institution: | Universiti Teknologi Petronas |
| Record Id / ISBN-0: | utp-eprints.25771 / |
| Published: |
Asian Research Publishing Network
2016
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| Online Access: |
https://www.scopus.com/inward/record.uri?eid=2-s2.0-85007271655&partnerID=40&md5=4445fe280a3d2f7ebef26a782395104c http://eprints.utp.edu.my/25771/ |
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| Summary: |
Decision making and risk assessment are becoming a challenging task in oil and gas due to the risk related to the uncertainty and imprecision. This paper proposed a model for the risk assessment based on multi-criteria decision making (MCDM) method by integrating Fuzzy-set theory. In this model, decision makers (experts) provide their preference of risk assessment information in four categories; people, environment, asset, and reputation. A fuzzy set theory is used to evaluate likelihood, consequence and total risk level associated with each category. A case study is presented to demonstrate the proposed model. The results indicate that the proposed Fuzzy MCDM method has the potential to be used by decision makers in evaluating the risk based on multiple inputs and criteria. © 2006-2016 Asian Research Publishing Network (ARPN). |
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