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The Scientific World Journal
Volume 2014 (2014), Article ID 239793, 14 pages
http://dx.doi.org/10.1155/2014/239793
Research Article

Using Fuzzy Multiple Criteria Decision-Making Approach for Assessing the Risk of Railway Reconstruction Project in Taiwan

1Graduate Institute of Project Management, Kainan University, No. 1 Kainan Road, Luchu, Taoyuan 33857, Taiwan
2Department of Business Administration, National Central University, No. 300 Jhongda Road, Jhongli, Taoyuan 32001, Taiwan

Received 25 November 2013; Accepted 20 January 2014; Published 18 March 2014

Academic Editors: A. K. Gupta and B. Kumar

Copyright © 2014 Shih-Tong Lu et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Abstract

This study investigates the risk factors in railway reconstruction project through complete literature reviews on construction project risks and scrutinizing experiences and challenges of railway reconstructions in Taiwan. Based on the identified risk factors, an assessing framework based on the fuzzy multicriteria decision-making (fuzzy MCDM) approach to help construction agencies build awareness of the critical risk factors on the execution of railway reconstruction project, measure the impact and occurrence likelihood for these risk factors. Subjectivity, uncertainty and vagueness within the assessment process are dealt with using linguistic variables parameterized by trapezoid fuzzy numbers. By multiplying the degree of impact and the occurrence likelihood of risk factors, estimated severity values of each identified risk factor are determined. Based on the assessment results, the construction agencies were informed of what risks should be noticed and what they should do to avoid the risks. That is, it enables construction agencies of railway reconstruction to plan the appropriate risk responses/strategies to increase the opportunity of project success and effectiveness.