An Application of Multiple-Criteria Decision Analysis for Risk Prioritization and Management: A Case Study of the Fisheries Sector in Pakistan

Muhammad Mohsin, Yin Hengbin, Zhang Luyao, Li Rui, Qian Chong and Ana Mehak
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Muhammad Mohsin: College of International Finance and Trade, Zhejiang YueXiu University of Foreign Languages, Shaoxing 312000, China
Yin Hengbin: School of Finance and Trade, Wenzhou Business College, Wenzhou 325035, China
Zhang Luyao: School of Business, Hanyang University, Seoul 04763, Korea
Li Rui: College of International Finance and Trade, Zhejiang YueXiu University of Foreign Languages, Shaoxing 312000, China
Qian Chong: School of Finance and Trade, Wenzhou Business College, Wenzhou 325035, China
Ana Mehak: College of Fisheries, Ocean University of China, Qingdao 266003, China

Sustainability, 2022, vol. 14, issue 14, 1-21

Abstract: In Pakistan, the fisheries sector is capable of making a significant contribution to the national economy. However, the proper and sustainable development of this sector is essential to its success, and we need to be aware of all the risks that it faces. At present, there is a dearth of comprehensive research that details, compares, and proposes applied measures to mitigate the risks facing the fisheries sector. Thus, this study is the first novel attempt to fill this gap. The data were collected through a survey and analyzed by multi-criteria decision analysis (MCDA). The study postulates that Sindh fisheries are affected by five main risk factors, namely technical, market, ecological, natural, and management. These risk factors are arranged from least to most significant. With regard to the performances of the main risk factors, management risk was ranked as the greatest risk, followed by ecological risk, natural risk, and technical risk. The findings of this study provide a road map for managerial decisions. Furthermore, this study also presents some potential limitations related to the scale of the data and analysis methods. Future studies may therefore use data collected on a large scale and alternative quantitative approaches.

Keywords: MCDA; sustainability; risk assessment; decision making; fisheries; AHP; IPA (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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