Mehrnaz Aghajanzadeh Hooshyar
Abstract
In this research, an hybrid approach based on risk management and value engineering has been developed to select contractors in construction projects. This model is designed based on some criteria and sub-criteria derived from the literature whose importance is evaluated by the bestworst method. The contractors were then prioritized using VIKOR methods and Gray Relationship Analysis. According to the computational results, it can be observed that the local risk strategic (0.348) has the highest score among the criteria and the other risk weighted local scale (0.080) has the lowest score among the criteria. In terms of operational risk, the technical error sub-criterion had the highest local weight (0.477) and the cheaper sub-criterion the lowest local weight (0.165). In the strategic risk dimension, the social dissatisfaction sub-criterion reported the highest local weight (0.380) and the environmental dissatisfaction sub-criterion the lowest local weight (0.136). In terms of human resource risk, the sub-criterion has the highest local weight (0.470) and the lowest local technical risk (0.149). In the other risk dimension, financial risk sub-criterion has the highest local weight (0.517) and external risk sub-criterion has the lowest local weight (0.096). In the engineering dimension, the value of turnover volume sub-criterion has the highest local weight (0.469) and the financial saving sub-criterion has the lowest local weight (0.251). Finally, the prioritization of contractors based on the comparison of the results obtained from the solution of VIKOR methods and the analysis of gray relations is reported. It is noteworthy that a Monte Carlo simulation-based approach is used to compare the performance of these methods.
Keywords
Hybrid risk-Value management-Risk management-MCDM-Civil projects
