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Modelling risk and uncertainty with the analytic hierarchy process

✍ Scribed by Ido Millet; William C. Wedley

Publisher
John Wiley and Sons
Year
2002
Tongue
English
Weight
133 KB
Volume
11
Category
Article
ISSN
1057-9214

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✦ Synopsis

Abstract

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 Β© 2003 John Wiley & Sons, Ltd.

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