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A Collaborative Multi-criteria Decision Making Technique for Risk Factor Prioritization

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  • Veeris Ammarapala
  • James T. Luxhøj

Abstract

Organizations are a collection of individuals, and often a disastrous organizational accident involves contributions from several technical/environmental factors and actors throughout the system over time. This paper illustrates the efficiency of a new collaborative decision making technique that could assist a group of executive decision makers in identifying, analyzing, evaluating and prioritizing significant organizational system risks. The results from the collaborative technique when applied to real world risk intensive situations, such as aviation safety risk management, are compared with those obtained by using existing notable techniques. For the case examples shown, the number of expert judgments is reduced by up to 80%. Advantages and limitations of the proposed modeling approach for collaborative decision making are discussed.

Suggested Citation

  • Veeris Ammarapala & James T. Luxhøj, 2007. "A Collaborative Multi-criteria Decision Making Technique for Risk Factor Prioritization," Journal of Risk Research, Taylor & Francis Journals, vol. 10(4), pages 465-485, June.
    • Handle: RePEc:taf:jriskr:v:10:y:2007:i:4:p:465-485
    DOI: 10.1080/13669870701421563
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    References listed on IDEAS

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    1. Yoram Wind & Thomas L. Saaty, 1980. "Marketing Applications of the Analytic Hierarchy Process," Management Science, INFORMS, vol. 26(7), pages 641-658, July.
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    Cited by:

    1. Volker Stein & Arnd Wiedemann, 2016. "Risk governance: conceptualization, tasks, and research agenda," Journal of Business Economics, Springer, vol. 86(8), pages 813-836, November.
    2. Jesus Gonzalez-Feliu & Joëlle Morana, 2014. "Assessing urban logistics pooling sustainability via a hierarchic dashboard from a group decision perspective," Working Papers halshs-01053887, HAL.
    3. Cailloux, Olivier & Mayag, Brice & Meyer, Patrick & Mousseau, Vincent, 2013. "Operational tools to build a multicriteria territorial risk scale with multiple stakeholders," Reliability Engineering and System Safety, Elsevier, vol. 120(C), pages 88-97.

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