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Economic risk assessment of EPC projects using fuzzy TOPSIS approach

Author

Listed:
  • Farzad Firouzi Jahantigh
  • Behnam Malmir
  • Behzad Aslani Avilaq

Abstract

Economic recession in developing countries has forced authorities to set policies in order to mitigate financial risks such as inflation, liquidity and credit, as investigated in this project. The main goals of this research were to identify significant financial risks of engineering procurement construction (EPC) projects and to evaluate and prioritise the financial risks based on the well-known fuzzy TOPSIS model. A case study in a refinery project with national domain was considered, with emphasis on big investment, refinery capacity in gross domestic product, and the role of EPC projects in the development of the country. In this research, risks were categorised and extracted by interviewing experts of EPC projects in various levels of authority, and then risk prioritisation was conducted according to the fuzzy TOPSIS model. Finally, the proposed model was compared to other models in the literature and to expertise method in order to determine its progress.

Suggested Citation

  • Farzad Firouzi Jahantigh & Behnam Malmir & Behzad Aslani Avilaq, 2017. "Economic risk assessment of EPC projects using fuzzy TOPSIS approach," International Journal of Industrial and Systems Engineering, Inderscience Enterprises Ltd, vol. 27(2), pages 161-179.
    • Handle: RePEc:ids:ijisen:v:27:y:2017:i:2:p:161-179
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    Cited by:

    1. Khanmohammadi, Ehsan & Malmir, Behnam & Safari, Hossein & Zandieh, Mostafa, 2019. "A new approach to strategic objectives ranking based on fuzzy logarithmic least squares method and fuzzy similarity technique," Operations Research Perspectives, Elsevier, vol. 6(C).
    2. So-Won Choi & Eul-Bum Lee, 2022. "Contractor’s Risk Analysis of Engineering Procurement and Construction (EPC) Contracts Using Ontological Semantic Model and Bi-Long Short-Term Memory (LSTM) Technology," Sustainability, MDPI, vol. 14(11), pages 1-32, June.

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