An application of fuzzy BWM for risk assessment in offshore oil projects

Abstract

Article history: Received: November 28 2018 Received in revised format: December 25 2018 Accepted: March 1 2019 Available online: March 1 2019 The purpose of this paper is to examine the existing risks for the offshore project and risk weighting using the fuzzy best worst method (FBWM). In offshore oil projects, we face six major risks. Each of these risks is divided into smaller risks leaving us to have a total of 34 risks. Some of these risks are internal and some are external risks. In this method, first, the experts of this field determined the best and the worst type of risk. Then, using the experts’ opinions, the study compared the remaining risks with the two selected risks and the other weights are determined. In our survey, “Technical Risk and Project Execution” is the most important risk factor followed by “Political Risk and Sanctions”, “Market risk”, “Management risk”, “Financial risk and currency fluctuations” and “Environmental risk”. © 2019 by the authors; licensee Growing Science, Canada.