Zhang, G and Zou, P X W (2007) Fuzzy analytical hierarchy process risk assessment approach for joint venture construction projects in China. Journal of Construction Engineering and Management, 133(10), pp. 771-779. ISSN 0733-9364
Abstract
Research and practice show that construction joint venture (JV) activities in China are opportunities that can bring potential benefits but at the same time may generate many risks. While research has studied these risks and presented useful advice for managing individual risks, the methodologies used to analyze the risks were mainly qualitatively based, and there is a gap in using the quantitative method that can integrate a risk expert's knowledge to assess the risks associated with JV projects. This paper sets up a hierarchy structure of the risks and then develops a fuzzy analytical hierarchy process (AHP) model for the appraisal of the risk environment pertaining to the JVs to support the rational decision making of project stakeholders. An empirical case study is used to demonstrate the application of the proposed fuzzy AHP model. It is concluded that the fuzzy AHP model is effective in tackling the risks involved in JV projects. The information presented in this paper should be shown to all parties considering JV business opportunities in China, and the proposed approach should be applicable to the research and analysis of risks associated with any type of construction projects.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | China; fuzzy sets; joint ventures; risk management |
| Index terms: | risk management, risk assessment, analytical hierarchy process, case study, joint venture, fuzzy set, quantitative method, project stakeholder, construction project, methodology, decision-making, appraisal, China |
| Subjects: | decision-making and optimization, sociology, decision analysis, production management, Geography, financial risk, factor and component analysis, research methods, data analysis and analytics, data collection methods, risk assessment, business |
| Topics: | Stakeholder Management, Risk Management, Geographical Context, Project Management, Research Practice, Business Strategy, Cost 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