Abstract
The determination of the investment project risk is an important stage in cooperative decision-making and in choosing the most profitable project with the lowest risk level in engineering and construction. Risk management is a systematic process for integrating professional judgments about relevant risk factors, their relative significance and probable adverse conditions and/or events leading to identification of auditable activities. The paper aims to present a verbal method of determining investment risk in construction. The main problem considered is the assessment of investments, which depend on the risk level. This article presents a new way to solve the problem - the CLARA expert verbal method. Formally, the problem is stated as one of multicriteria classifications. A hierarchical approach to the considered effectiveness indicators is proposed. The proof of the method effectiveness is presented. The process of method’s practical application is described.
Keywords
- expert verbal method
- engineering and construction
- cooperative decision making
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Ustinovichius, L., Shevchenko, G., Kochin, D., Simonaviciene, R. (2007). Classification of the Investment Risk in Construction. In: Luo, Y. (eds) Cooperative Design, Visualization, and Engineering. CDVE 2007. Lecture Notes in Computer Science, vol 4674. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-540-74780-2_25
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DOI: https://doi.org/10.1007/978-3-540-74780-2_25
Publisher Name: Springer, Berlin, Heidelberg
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