Choice of Countermeasures in Project Risk Management Using Fuzzy Modelling

Abstract

The paper proposes a new method for project risk management. It isproposed how, after risk identification, the countermeasures for risk mitigation andelimination can be selected, taking into account the cost and effort linked to themas well as the weights assigned by the decision maker to risk attributes, such asprobability or consequences, and the values of those attributes. The risk attributesand weights, as well as the maximal total risk and the maximal total effort of riskmitigation accepted by the decision maker for the project are expressed as fuzzynumbers, which in turn constitute models for linguistic expressions.