Khalilzadeh, M; Balafshan, R and Hafezalkotob, A (2020) Multi-objective mathematical model based on fuzzy hybrid multi-criteria decision-making and FMEA approach for the risks of oil and gas projects. Journal of Engineering, Design and Technology, 18(6), pp. 1997-2016. ISSN 1726-0531
Abstract
Purpose: The purpose of this study is to provide a comprehensive framework for analyzing risk factors in oil and gas projects. Design/methodology/approach: This paper consists of several sections. In the first section, 19 common potential risks in the projects of Pars Oil and Gas Company were finalized in six groups using the Lawshe validation method. These factors were identified through previous literature review and interviews with experts. Then, using the “best-worst multi-criteria decision-making” method, the study measured the weights associated with the performance evaluation indicators of each risk. Consequently, failure mode and effects analysis (FMEA) and the grey relational analysis (GRA)-VIKOR mixed method were used to rank and determine the critical risks. Finally, to assign response strategies to each critical risk, a zero-one multi-objective mathematical programming model was proposed and developed Epsilon-constraint method was used to solve it. Findings: Given the typical constraints of projects which are time, cost and quality, of the projects that companies are often faced with, this study presents the identified risks of oil and gas projects to the managers of the oil and gas company in accordance with the priority given in the present research and the response to each risk is also suggested to be used by managers based on their organizational circumstances. Originality/value: This study aims at qualitative management of cost risks of oil and gas projects (case study of Pars Oil and Gas Company) by combining FMEA, best worst and GRA-VIKOR methods under fuzzy environment and Epsilon constraints. According to studies carried out in previous studies, the simultaneous management of quantitative and qualitative cost of risk of oil and gas projects in Iran has not been carried out and the combination of these methods has also been innovated.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | fmea; fuzzy sets; mathematical programming; multi-criteria decision-making; risk assessment; risk management |
| Index terms: | literature review, strategy, failure mode and effects analysis, interview, manager, mathematical model, multi-criteria decision-making, performance evaluation, methodology, validation, mathematical programming, fuzzy set, mixed method, case study, oil and gas, risk assessment, risk management, risk factor |
| Subjects: | practitioner, reliability engineering, mathematical modelling, risk assessment, data collection methods, data analysis and analytics, financial risk, professional development, research methods, algorithms, performance measurement, management, environmental hazards, industry analysis, decision-making and optimization, decision analysis |
| Topics: | Risk Management, Roles and Professions, Sustainability, Cost Management, Business Strategy, Research Practice, Information Management, Engineering Principles, Digital Applications, Quality Management |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here