Risk assessment method of construction project based on grey correlation analysis

Lianguang Mo and Yu Liu

International Journal of Sustainable Development, 2024, vol. 27, issue 1/2, 186-200

Abstract: Given the problems of large evaluation errors and long time-consuming in the existing methods, a risk evaluation method for construction projects based on grey correlation analysis is designed. First, build the evaluation index system, and divide the index grade to achieve the construction of the index system. Then, a fuzzy matrix is constructed to determine the complementary relationship between different indicators, and the indicators are quantified and verified for consistency. Finally, determine the index time series dataset, eliminate the index difference, and determine the index difference sequence, maximum range and minimum range value. The index correlation coefficient is calculated and sorted, and the improved grey correlation analysis algorithm is introduced to build the evaluation model. The test results show that the proposed method can reduce the evaluation error and has a certain application value.

Keywords: grey correlation analysis; construction project; risk assessment; Delphi method; consistency check; fuzzy matrix. (search for similar items in EconPapers)
Date: 2024
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