Analysis of Key Factors Affecting Risk Tolerance in Project-Oriented Firms Using Hybrid Fuzzy DEMATEL-ISM: An Empirical Study
Abstract
Project risk management is one of the project management knowledge areas that identifies, analyzes and deals with project risks. One of the important factors influencing the decision-making of a project-based organization is the level of risk tolerance of organization. This study focuses on the factors affecting the level of risk tolerance of project-based organizations. For this purpose, in the first step, the potential factors affecting risk tolerance are extracted by reviewing the related literature. In the next step, the factors affecting the organization's risk tolerance level are identified by using the Fuzzy Delphi method in several steps. The most effective factors are identified by experts’ judgment using a questionnaire. Then, the relationships between these factors are determined by using the Interpretive Structural Modeling (ISM) method. The intensity of these relationships and the intensity of the effect of the factors are investigated by using the Fuzzy DEMATEL method. Finally, the factors are ranked based on their weights by utilizing the Fuzzy DEMATEL method. In this study, 13 external and internal factors are ranked using questionnaires based on the experts’ opinions. Four external factors include political conditions and international relations, the conditions of the capital markets such as stock market, investment security and government support. These factors have significant influence on the other factors as well as the project-based organization. The findings of this study direct project managers to accurately identify the risk tolerance level of the key project stakeholders in order to efficiently plan and implement project risk management and achieve project goals.
References
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H. Khalifa, “Developed a new fuzzy approach for solving two-machine flow shop scheduling problems under fuzziness,” Computational Algorithms and Numerical Dimensions, vol. 2, no. 4, pp. 195-204, 2023.
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H. Shokri, and A. Afrazeh, “Interpretive structural modeling (ISM) of risk management in Iran's construction industry,” Innovation Management and Operational Strategies, vol. 5, no. 1, pp. 54-78, 2024.
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D. Božanić, D. Pamučar, and N. Komazec, “Applying D numbers in risk assessment process: General approach,” Journal of Decision Analytics and Intelligent Computing, vol. 3, no. 1, pp. 286–295, 2023.
J. H. Thun, and D. Hoenig, “An Empirical Analysis Of Supply Chain Risk Management In The German Automotive Industry,” International Journal Of Production Economics, vol. 131, no. 1, pp.242-249, 2011.
K. Chatterjee, E. K. Zavadskas, J. Tamošaitienė, K. Adhikary, and S. Kar, “A Hybrid MCDM Technique for Risk Management in Construction Projects,” Symmetry, vol. 10, p. 46, 2018.
T. Gebrehiwet, and H. Luo, “Risk Level Evaluation on Construction Project Lifecycle Using Fuzzy Comprehensive Evaluation and TOPSIS,” Symmetry, vol. 11, p. 12, 2019.
A. Nagyová, H. Pačaiová, Š. Markulik, R. Turisová, R. Kozel, and J. Džugan, “Design of a Model for Risk Reduction in Project Management in Small and Medium-Sized Enterprises,” Symmetry, vol. 13, p. 763, 2021.
R. Rasinojehdehi, and S. Najafi, “Advancing risk assessment in renewable power plant construction: an integrated DEA-SVM approach,” Big Data and Computing Visions, vol. 4, no. 1, pp. 1-11, 2024.
M. Zahedi, M. Khalilzadeh, and H. Javanshir, “Designing A New Fuzzy Expert System for Project Portfolio Risk Management,” Innovation Management and Operational Strategies, vol. 1, no. 4, pp. 403-421, 2021.
Y. H. Kwak, and K. S. Laplace, “Examining Risk Tolerance In Project-Driven Organization,” Technovation, vol. 25, no. 6, pp. 691-695, 2005.
N. Gatzert, and M. Martin, “Determinants And Value Of Enterprise Risk Management: Empirical Evidence From The Literature,” Risk Management And Insurance Review, vol.18, no. 1, pp. 29-53, 2015.
M. F. Grace, J. Tyler Leverty, R. D. Phillips, and P. Shimpi, “The Value Of Investing In Enterprise Risk Management,” Journal of Risk and Insurance, vol. 82, no. 2, pp. 289316.
D. Pagach, and R. Warr, “The Characteristics Of Firms That Hire Chief Risk Officers,” Journal Of Risk And Insurance, vol. 78, no. 1, pp. 185-211, 2011.
N. M. Golshan, and S. Z. A. Rasid, “Determinants Of Enterprise Risk Management Adoption: An Empirical Analysis Of Malaysian Public Listed Firms,” World Academy of Science, Engineering and Technology, International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, vol. 6, pp. 242-249, 2012.
A. K. Yilmaz, and T. Flouris, “Resource Dependency Risk Management,” in Corporate Risk Management For International Business, Springer, Cham, 2017, pp.49-64.
E. Giambona, J. R. Graham, and C. R. Harvey, “The Management Of Political Risk,” Journal Of International Business Studies, vol. 48, pp. 523-533, 2017.
B. Frijns, A. Gilbert, T. Lehnert, and A. Tourani-Rad, “Uncertainty Avoidance, Risk Tolerance And Corporate Takeover Decisions,” Journal Of Banking & Finance, vol. 37, no. 7, pp. 2457-2471, 2013.
K. John, L. Litov, and B. Yeung, “Corporate Governance And Risk‐Taking,” The Journal Of Finance, vol. 63, no. 4, pp. 1679-1728, 2008.
M. Khalilzadeh, S. Masoumi, and I. Masoumi, “Identification and prioritization of factors influencing organization risk tolerance level,” Journal of Advances in Management Research, vol. 16, no. 4, pp. 417-435, 2019..
S. Ullah, N. A. Mufti, M. Qaiser Saleem, A. Hussain, R. N. Lodhi, and R. Asad, “Identification of Factors Affecting Risk Appetite of Organizations in Selection of Mega Construction Projects,” Buildings, vol. 12, no. 1, p. 2, 2021.
N. Nabeeh, “Assessment and Contrast the Sustainable Growth of Various Road Transport Systems using Intelligent Neutrosophic Multi-Criteria Decision-Making Model,” Sustainable Machine Intelligence Journal, vol. 2, p. 2, 2023.
M. Abouhawwash, and M. Jameel, “Evaluation Factors of Solar Power Plants to Reduce Cost Under Neutrosophic Multi-Criteria Decision Making Model,“ Sustainable Machine Intelligence Journal, vol. 2, p. 1, (2023).
A. Gamal, A. F. A. El-Gawad, and M. Abouhawwash, “Towards a Responsive Resilient Supply Chain based on Industry 5.0: A Case Study in Healthcare Systems,” 2023, doi: https://doi.org/10.5281/zenodo.8185201.
A. Abdelhafeez, H. K. Mohamed, and N.A. Khalil, “Rank and Analysis Several Solutions of Healthcare Waste to Achieve Cost Effectiveness and Sustainability Using Neutrosophic MCDM Model,” Neutrosophic Systems with Applications, vol. 2, pp. 2537, 2023.
J. Tamošaitienė, E. K. Zavadskas, and Z. Turskis, “Multi-Criteria Risk Assessment Of A Construction Project,” Procedia Computer Science, vol. 17, pp. 129-133, 2013.
A. Nieto-Morote, and F. Ruz-Vila, “A Fuzzy Approach To Construction Project Risk Assessment,” International Journal Of Project Management, vol. 29, pp. 220-231, 2011.
A. Samvedi, and V. Jain, “A Study On The Interactions Between Supply Chain Risk Management Criteria Using Fuzzy Dematel Method,” International Journal Of Operational Research, vol. 18, no. 3, pp. 255-271, 2013.
H. C. Pfohl, P. Gallus, and D. Thomas, “Interpretive Structural Modeling Of Supply Chain Risks,” International Journal Of Physical Distribution & Logistics Management, vol. 41 no. 9, pp. 839-859, 2011.
A. Kumar, and M. K. Dash, “Causal Modelling And Analysis Evaluation Of Online Reputation Management Using Fuzzy Delphi And DEMATEL,” International Journal Of Strategic Decision Sciences, vol. 8, no. 1, pp. 27-45, 2017.
A. Sorourkhah, “A scenario-based alternative to conventional tools for choosing the strategy in turbulent environments,” International Journal of Research in Industrial Engineering, vol. 13, no. 2, pp. 224-236, 2024..
P. Noori Doabi, F. Rahnamay Roodposhti, H. Kordlouie, H. Nikoomaram, and G. Taleb Nia, “Investigating automated accounting and auditing in the Blockchain platform with a fuzzy Delphi approach,” Innovation Management and Operational Strategies, vol. 4, no. 4, pp.418-437, 2024.
S. F. Faghidian, and K. Fathizade, “Identifying and prioritizing the factors affecting the services of electronic banking website in a fuzzy environment,” Financial and Banking Strategic Studies, vol. 1, no. 1, pp. 69-76, 2023.
A. Bazrkar, “Identifying and prioritizing the key competencies of managers in increasing the effectiveness of employee performance management,” Modern Research in Performance Evaluation, vol. 2, no. 1, pp. 70-78, 2023.
A. Rezaei, and M. Hemati, “Providing a hybrid fuzzy approach to explain managers’ mental paradigms to prioritize employee needs,” Journal of Fuzzy Extension and Applications, vol. 4, no. 3, pp.155-172, 2023.
S. F. Fakhrhosseini, and M. Kaviani, “Prioritization of employee performance evaluation indicators in the strategic process of human resource management using the MCDM approach: a case study of the fire department of Alborz province,” Innovation Management and Operational Strategies, vol. 5, no. 1, pp. 93-108., 2024.
S. F. Faghidian, and S. Mahmodi, “Evaluation of Total Quality Management Enablers Using the DEMATEL-ISM Integration Method in the Steel Industry,” Systemic Analytics, vol. 2, no. 1, pp. 14-26, 2024.
A. Chauhan, A. Singh, and S. Jharkharia, “An interpretive structural modeling (ISM) and decision-making trail and evaluation laboratory (DEMATEL) method approach for the analysis of barriers of waste recycling in India,” Journal of the Air & Waste Management Association, vol. 68, no. 2, pp. 100-110, 2018.
L. Wang, Q. Cao, and L. Zhou, “Research on the influencing factors in coal mine production safety based on the combination of DEMATEL and ISM,” Safety Science, vol. 103, pp. 51-61, 2018.
J. Ismail, Z. Rodzi, H. Hashim, N. H. Sulaiman, F. Al-Sharqi, A. Al-Quran, and A. G. Ahmad, “Enhancing decision accuracy in dematel using bonferroni mean aggregation under pythagorean neutrosophic environment,” Journal of Fuzzy Extension and Applications, vol. 4, no. 4, pp. 281-298, 2023.
R. Venugopal, C. Veeramani, and S. A. Edalatpanah, “Analysis of Fuzzy DEMATEL Approach for Financial Ratio Performance Evaluation of NASDAQ Exchange,” In: M. Saraswat, S. Roy, C. Chowdhury, and A. H. Gandomi, (eds) Proceedings of International Conference on Data Science and Applications. Lecture Notes in Networks and Systems, 287. Springer, Singapore.
H. Shakeri, and M. Khalilzadeh, “Analysis of factors affecting project communications with a hybrid DEMATEL-ISM approach (A case study in Iran),” Heliyon, vol. 6, no. 8, p. e04430, 2020.
S. Balaei, N. Mohammadi, and H. Doroudi, “Designing a hybrid model for the green supply chain in Gilan Steel Industry,” International Journal of Research in Industrial Engineering, vol. 12, no. 1, pp. 73-87, 2023.
M. Musavi-Nogholi, and M. T. Rezvan, “Analysis of players and scenarios of the Iranian aluminum industry with a combination of fuzzy DEMATEL and game theory,” Journal of Decisions and Operations Research, vol. 8, no. 3, pp. 714-735, 2023.
M. Ajalli, N. Saberifard, and B. Zinati, “Evaluation and ranking of performance indicators in humanitarian logistics using path analysis, fuzzy DEMATEL and SWARA,” Journal of Decisions and Operations Research, vol. 6, pp. 1-20, 2022.
H.-M. Chuang, C.-K. Lin, D.-R. Chen, and Y.-S. Chen, “Evolving MCDM applications using hybrid expert-based ISM and DEMATEL models: an example of sustainable ecotourism,” The Scientific World Journal, vol. 2013, pp. 751728, 2013.
L. A. Zadeh, “Fuzzy sets,” Information and Control, vol. 8, no. 3, pp. 338-353, 1965.
H. Khalifa, “Developed a new fuzzy approach for solving two-machine flow shop scheduling problems under fuzziness,” Computational Algorithms and Numerical Dimensions, vol. 2, no. 4, pp. 195-204, 2023.
M. A. F. Ahmad Basri, W. S. Wan Ismail, N. Kamal Nor, N. Mohd Tohit, M. N. Ahmad, N. S. Mohamad Aun, and T. I. Mohd Daud, “Validation of key components in designing a social skills training content using virtual reality for high functioning autism youth—A Fuzzy Delphi method,” PLoS ONE, vol. 19, no. 4, p. e0301517, 2024.
H. Shokri, and A. Afrazeh, “Interpretive structural modeling (ISM) of risk management in Iran's construction industry,” Innovation Management and Operational Strategies, vol. 5, no. 1, pp. 54-78, 2024.
K. H. Gazi, N. Raisa, A. Biswas, F. Azizzadeh, and S. P. Mondal, “Finding the Most Important Criteria in Women’s Empowerment for Sports Sector by Pentagonal Fuzzy DEMATEL Methodology,” Spectrum of Decision Making and Applications, vol. 2, no. 1, pp. 28-52, 2025.
S. N. Taati, and A. Esmaili Dooki, “A hybrid method of Fuzzy DEMATEL/AHP/VIKOR approach to rank and select the best hospital nurses of a Years: A case study,” Journal of Applied Research on Industrial Engineering, vol. 4, no. 2, pp. 116-132, 2017.
S. K. Sahoo, B. B. Choudhury, and P. R. Dhal, “Exploring the Role of Robotics in Maritime Technology: Innovations, Challenges, and Future Prospects,” Spectrum of Mechanical Engineering and Operational Research, vol. 1, no. 1, pp. 159-176, 2024.
A. Puška, A. Štilić, A., and I. Stojanović, “Approach for multi-criteria ranking of Balkan countries based on the index of economic freedom,” Journal of Decision Analytics and Intelligent Computing, 3(1), 1–14.
Published
2025-02-10
How to Cite
KHALILZADEH, Mohammad; BOŽANIĆ, Darko; PUŠKA, Adis.
Analysis of Key Factors Affecting Risk Tolerance in Project-Oriented Firms Using Hybrid Fuzzy DEMATEL-ISM: An Empirical Study.
Yugoslav Journal of Operations Research, [S.l.], feb. 2025.
ISSN 2334-6043.
Available at: <https://yujor.fon.bg.ac.rs/index.php/yujor/article/view/1323>. Date accessed: 11 feb. 2025.
doi: https://doi.org/10.2298/YJOR240515005K.
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Section
Research Articles
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
