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Modelling risk and uncertainty with the analytic hierarchy process
Author(s) -
Millet Ido,
Wedley William C.
Publication year - 2002
Publication title -
journal of multi‐criteria decision analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.462
H-Index - 47
eISSN - 1099-1360
pISSN - 1057-9214
DOI - 10.1002/mcda.319
Subject(s) - analytic hierarchy process , outcome (game theory) , computer science , risk analysis (engineering) , process (computing) , risk assessment , hierarchy , operations research , management science , engineering , mathematics , economics , mathematical economics , business , market economy , computer security , operating system
This paper proposes methods for modelling risk and uncertainty with the analytic hierarchy process (AHP). We start by showing why benefit/risk ratios, as described in previous literature, might be an improper modelling approach. We then introduce prototypical case studies where risk plays a role in multicriteria decision making. These cases demonstrate how the AHP can be used to derive relative probabilities, multiple criteria outcome measures, risk criteria, and risk adjustment factors. Copyright © 2003 John Wiley & Sons, Ltd.
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