Modified fuzzy group decision-making approach to cost overrun risk assessment of power plant projects
Islam, Muhammad Saiful, Nepal, Madhav, & Skitmore, Martin (2019) Modified fuzzy group decision-making approach to cost overrun risk assessment of power plant projects. Journal of Construction Engineering and Management - ASCE, 145(2), Article number: 04018126 1-15.
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Description
Cost overrun risk assessment in the preliminary stages of a power plant project is laden with subjectivity, uncertainty, imprecision, and the vagueness of expert judgment. Current fuzzy approaches to risk assessment in such projects specifically require improvements in the reliability and aggregation process of experts' judgments as well as the incorporation of project phase-based risk assessment to comprehend the sources of the risks and their corresponding effects on cost overruns. In response, this study proposes a modified fuzzy group decision-making approach (FGDMA) and assesses cost overrun risks considering different project phases [(1) design and procurement, and (2) construction and commissioning] of the power plant projects of varying types, sizes/capacities, and contracts. The proposed methodology is applied to 10 different project scenarios to better understand the context of project risks and their profile and identify the critical cost overrun risks involved. This study will aid the comprehensive assessment of risks and increase the accuracy of project budgeting and contingency allocation decisions.
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| ID Code: | 120609 | ||||||
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| Item Type: | Contribution to Journal (Journal Article) | ||||||
| Refereed: | Yes | ||||||
| ORCID iD: |
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| Measurements or Duration: | 15 pages | ||||||
| Keywords: | Cost overrun risks, Fuzzy logic, Power plant projects, Risk assessment | ||||||
| DOI: | 10.1061/(ASCE)CO.1943-7862.0001593 | ||||||
| ISSN: | 1943-7862 | ||||||
| Pure ID: | 33434066 | ||||||
| Divisions: | Past > Institutes > Institute for Future Environments Past > QUT Faculties & Divisions > Science & Engineering Faculty |
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| Copyright Owner: | Consult author(s) regarding copyright matters | ||||||
| Copyright Statement: | This work is covered by copyright. Unless the document is being made available under a Creative Commons Licence, you must assume that re-use is limited to personal use and that permission from the copyright owner must be obtained for all other uses. If the document is available under a Creative Commons License (or other specified license) then refer to the Licence for details of permitted re-use. It is a condition of access that users recognise and abide by the legal requirements associated with these rights. If you believe that this work infringes copyright please provide details by email to qut.copyright@qut.edu.au | ||||||
| Deposited On: | 10 Aug 2018 11:24 | ||||||
| Last Modified: | 08 Jan 2026 07:32 |
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