Analytic Network Process (ANP) to Risk Assessment of Gas Refinery EPC Projects in Iran
Journal of Applied Sciences Research
Risk assessment is the most significant factors in risk management. Earlier researches have shown... more Risk assessment is the most significant factors in risk management. Earlier researches have shown that risk assessment is essential to achieve success in Engineering, Procurement and Construction projects(EPC). The occurrence of different risk can worsen the effects of each other such as the impact of political risks on economic risks. Although appointed methods such as Analytic Hierarchy Process (AHP), Fuzzy Synthetic, Interrelated Tree and Fuzzy AHP methods are commonly used in the industry sectors, yet these approaches seem powerless for evaluating the interactions and feedback between the aforementioned risks. As a result, an accurate assessment of the severity of risks cannot be determined. This study aims to assess the risks in EPC projects using Analytic Network Process (ANP) method. ANP approach is preferable in order to identify the problems of interdependence and feedback between various risk ranking alternatives. The method utilizes data that are collected through literat...
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Papers by Nordin Yahaya
prevailing ways for the development of infrastructures in Malaysia. However, it
involves many risks and uncertainties due to a large amount of investment and long
concession period. It is very important to recognize and find out the ways to cope
with the critical risks that are related to the investments made in PPP projects for the
foreign investors. The aim of this article is risk ranking associated with the PPP
projects using risk matrix. First, the paper reviews the current literature, consultation
and a written survey distributed to the panel of experts to identify common risks in
PPP projects
. The risks identified from the literature were classified according to the
type of risk. From the results, it was found that the critical risks associated with the
PPP projects include the third party tort liability, interest rate volatility, construction
cost overrun and the change in law. This research study is supposed to provide
awareness and highlight the management of the risks associated with the PPP risks in
Malaysia.