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Publication detail
DOSKOČIL, R.
Original Title
An evaluation of total project risk based on fuzzy logic
Type
journal article in Scopus
Language
English
Original Abstract
The article deals with the use of fuzzy logic as a support of evaluation of total project risk. A brief description of actual project risk management, fuzzy set theory, fuzzy logic and the process of calculation is given. The major goal of this paper is to present am new expert decision-making fuzzy model for evaluating total project risk. This fuzzy model based on RIPRAN method. RIPRAN (RIsk PRoject ANalysis) method is an empirical method for the analysis of project risks. The Fuzzy Logic Toolbox in MATLAB software was used to create the decision-making fuzzy model. The advantage of the fuzzy model is the ability to transform the input variables The Number of Sub-Risks (NSR) and The Total Value of Sub-Risks (TVSR) to linguistic variables, as well as linguistic evaluation of the Total Value of Project Risk (TVPR) – output variable. With this approach it is possible to simulate the risk value and uncertainty that are always associated with real projects. The scheme of the model, rule block, attributes and their membership functions are mentioned in a case study. The use of fuzzy logic is a particular advantage in decision-making processes where description by algorithms is extremely difficult and criteria are multiplied.
Keywords
project management, risk analysis, soft computing, fuzzy set, fuzzy logic, decision-making
Authors
Released
1. 1. 2016
Publisher
Vilnius Gediminas Technical University
Location
Vilnius, Lithuania
ISBN
1648-0627
Periodical
Business: Theory and Practice
Year of study
17
Number
1
State
Republic of Lithuania
Pages from
23
Pages to
31
Pages count
9
URL
https://journals.vgtu.lt/index.php/BTP/article/view/8201
Full text in the Digital Library
http://hdl.handle.net/11012/201024
BibTex
@article{BUT119983, author="Radek {Doskočil}", title="An evaluation of total project risk based on fuzzy logic", journal="Business: Theory and Practice", year="2016", volume="17", number="1", pages="23--31", doi="10.3846/btp.2016.534", issn="1648-0627", url="https://journals.vgtu.lt/index.php/BTP/article/view/8201" }