Project risk management using fuzzy failure mode and effect analysis and fuzzy logic

Risk management is one of the most important phases of the project management which attracts increasing attentions of many researchers. The proposed method in this research considers different kinds of risk through the project life cycle. We combine fuzzy failure mode and effect (FMEA) and some weighting methods for determination of project risk magnitude. Our method uses five factors; severity, occurrence, not detection, project phase's weight and risk weight for evaluation of risks and also selecting an appropriate risk response. In fact, our model covers four parts of risk management process: risk management planning, risk identification, quantitative risk analysis and risk response planning. Finally, we use this model for a given construction company to show how it can be employed in reality.