A Hybrid Fuzzy TOPSIS – Best Worst Method for Risk Prioritization in Megaprojects

Megaprojects are usually complex and in many cases encounter failure in terms of finish late or overspent. This study aims to investigate the critical risk factors behind these projects as well as their priority. Project risk management is a mature research stream. But when focus on megaprojects the amount of research decreases significantly. This research provides a hierarchy of risk structure in Tehran-Rasht railway megaproject and prioritizes the risk factors through a two-phase methodology. This method is a new hybrid MCDM technique consist of group fuzzy TOPSIS and fuzzy Best-Worst Method. BWM is the latest MCDM technique which in this paper, its fuzzy version combined with fuzzy TOPSIS is employed. This research also considers all the project success criteria including time, cost and quality simultaneously and calculates the risk priority Index (RPI) accordingly. The results imply that quality is the most important project success factor and the risk elements with greater impact on project quality, get higher PRI. The identified and ranked risk factors help practitioners and academics to follow the subsequent steps of the risk management process of Iranian transportation megaprojects.Megaprojects are usually complex and in many cases encounter failure in terms of finish late or overspent. This study aims to investigate the critical risk factors behind these projects as well as their priority. Project risk management is a mature research stream. But when focus on megaprojects the amount of research decreases significantly. This research provides a hierarchy of risk structure in Tehran-Rasht railway megaproject and prioritizes the risk factors through a two-phase methodology. This method is a new hybrid MCDM technique consist of group fuzzy TOPSIS and fuzzy Best-Worst Method. BWM is the latest MCDM technique which in this paper, its fuzzy version combined with fuzzy TOPSIS is employed. This research also considers all the project success criteria including time, cost and quality simultaneously and calculates the risk priority Index (RPI) accordingly. The results imply that quality is the most important project success factor and the risk elements with greater impact on project quality, get higher PRI. The identified and ranked risk factors help practitioners and academics to follow the subsequent steps of the risk management process of Iranian transportation megaprojects.