The improper allocation of risk among the contracting parties is an important decision leading to increase the total cost of a project and affect the overall relationship between the contracting parties in a construction project. This study introduces a practical model to select optimum allocation of risks based on parties’ behavior in comply with the concerns of the Owner in risk allocation process. Utilizing multi objectives Ant Colony Optimization algorithm, the proposed model may achieve a feasible and full penetrative approach to select a Pareto-optimal risk allocation. The proposed model rank feasible alternative and selects optimal allocation of risks to achieve maximum reliability in project result with minimum cost and risk exposure for decision maker, as main objectives of risk allocation. Applying expert’s judgment and experimental data in this model, decision maker can determine the actual consequence of any alternative for risk allocation and select optimal one regard to his desirable amount of project delay and premium.
khazaeni, G., fatahi, M., Zeigham, E., & Abassian, H. (2019). Multi-objective decision making for risk allocation; Ant Colony Optimization model. Asas Journal, 21(55), 44-54.
MLA
garshasb khazaeni; mehdi fatahi; Ehsan Zeigham; hamid Abassian. "Multi-objective decision making for risk allocation; Ant Colony Optimization model". Asas Journal, 21, 55, 2019, 44-54.
HARVARD
khazaeni, G., fatahi, M., Zeigham, E., Abassian, H. (2019). 'Multi-objective decision making for risk allocation; Ant Colony Optimization model', Asas Journal, 21(55), pp. 44-54.
VANCOUVER
khazaeni, G., fatahi, M., Zeigham, E., Abassian, H. Multi-objective decision making for risk allocation; Ant Colony Optimization model. Asas Journal, 2019; 21(55): 44-54.
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