Choice of Countermeasures in Project Risk Management Using Fuzzy Modelling
Keywords:
project risk, risk mitigation, risk transfer, risk elimination, fuzzy logicbased optimisationAbstract
The paper proposes a new method for project risk management. It is
proposed how, after risk identification, the countermeasures for risk mitigation and
elimination can be selected, taking into account the cost and effort linked to them
as well as the weights assigned by the decision maker to risk attributes, such as
probability or consequences, and the values of those attributes. The risk attributes
and weights, as well as the maximal total risk and the maximal total effort of risk
mitigation accepted by the decision maker for the project are expressed as fuzzy
numbers, which in turn constitute models for linguistic expressions.
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