Abstract
Recently, risk assessment has become one of the most challenging issues in the areas of construction and public-private partnerships (PPPs). To address risk assessment issues, various decision-making techniques have been proposed, each with its own specific disadvantages and advantages. This paper investigates step-wise weight assessment ratio analysis (SWARA), complex proportional assessment (COPRAS), fuzzy analytic network process (FANP), fuzzy analytic hierarchy process (FAHP), fuzzy technique for order of preference by similarity to ideal solution (FTOPSIS), simple additive weighting (SAW) and evaluation based on distance from average solution (EDAS) in order to define how various multi-attribute decision-making (MADM) methods compare when used for risk assessment in PPP projects. For this study, 5 risk assessment criteria and 10 types of risk used in Iranian highway PPP projects were selected. Four suitability and applicability tests were used to measure agreement between the rankings derived from the MADM methods. Final results show that all techniques had approximately the same rankings of risk assessment, with the SWARA, COPRAS, and EDAS methods performing slightly better. The findings of this study will help the parties in PPP and construction projects to select the best risk assessment method.
Highlights
Many public-private partnership (PPP) projects are frequently unsuccessful in achieving quality, meeting deadlines, and respecting budgets, and most of these private partnerships (PPPs) projects have been exposed to various risks (Sarvari et al 2014)
The selection of a risk assessment method is an important activity for PPP projects because choosing the wrong method can be costly and time-consuming
It has been suggested that an effective and efficient multi-criteria decision-making (MCDM) tool can be applied to risk assessment
Summary
Many public-private partnership (PPP) projects are frequently unsuccessful in achieving quality, meeting deadlines, and respecting budgets, and most of these PPP projects have been exposed to various risks (Sarvari et al 2014). According to the World Bank, from 2008 to 2016, there were 327 unsuccessful PPP projects in the world (World Bank 2016). “Risks in Projects” is defined as an uncertain event, if it occurs, which has a negative or positive result on the project target, such as scope, time, cost, and quality (PMI 2008). The implementation of PPP projects faces high costs. The occurrence of risks plays a role in increasing those costs. An accurate assessment of risks can reduce the implementation costs associated with risks. According to previous research on risk assessment, it is very important that
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