Entropic risk analysis by a high level decision support system (e-FDSS) for construction SMEs

Tang, L. C. M., Leung, A.Y.T. and Wong, C.W.Y. (2010) Entropic risk analysis by a high level decision support system (e-FDSS) for construction SMEs. Journal of Computing in Civil Engineering, 24 (1). pp. 81-94. ISSN 0887-3801 doi: 10.1061/(ASCE)0887-3801(2010)24:1(81)

Abstract/Summary

The method of entropy has been useful in evaluating inconsistency on human judgments. This paper illustrates an entropy-based decision support system called e-FDSS to the solution of multicriterion risk and decision analysis in projects of construction small and medium enterprises (SMEs). It is optimized and solved by fuzzy logic, entropy, and genetic algorithms. A case study demonstrated the use of entropy in e-FDSS on analyzing multiple risk criteria in the predevelopment stage of SME projects. Survey data studying the degree of impact of selected project risk criteria on different projects were input into the system in order to evaluate the preidentified project risks in an impartial environment. Without taking into account the amount of uncertainty embedded in the evaluation process; the results showed that all decision vectors are indeed full of bias and the deviations of decisions are finally quantified providing a more objective decision and risk assessment profile to the stakeholders of projects in order to search and screen the most profitable projects.

Item Type	Article
URI	https://reading-clone.eprints-hosting.org/id/eprint/18112
Item Type	Article
Refereed	Yes
Divisions	Science > School of the Built Environment
Uncontrolled Keywords	Artificial intelligence, Construction industry, Decision support systems, Risk management
Publisher	American Society of Civil Engineers
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