Galina Shevchenko

Multi‐attribute analysis of investments risk alternatives in construction

Abstract In project development it is hardly possible to get exhaustive and accurate information. As a result, the situations occur, the consequences of which can be very damaging to the project. Inaccurate evaluation of the strategy related to capital investment and project implementation is one of the reasons why such estimates are not required in practice. Instead, a classification approaches may be used for this purpose. The decision‐making process, based on the established risk assessment principles expressed in linguistic terms, requires qualitative judgement and experiential knowledge of the construction experts. Presented structured and realistic methods deals systematically with different risk management situations and assist the investors in reaching the correct risk assessment of possible alternatives will be of great value. This paper presents a methods of multiattribute comparativite analysis (CLARA and SAW methods) of variants of investment classified risks in construction. A practical case ...

Classification of the investment risk in construction

The determination of the investment project risk is an important stage in cooperative decision-making and in choosing the most profitable project with the lowest risk level in engineering and construction. Risk management is a systematic process for integrating professional judgments about relevant risk factors, their relative significance and probable adverse conditions and/or events leading to identification of auditable activities. The paper aims to present a verbal method of determining investment risk in construction. The main problem considered is the assessment of investments, which depend on the risk level. This article presents a new way to solve the problem - the CLARA expert verbal method. Formally, the problem is stated as one of multicriteria classifications. A hierarchical approach to the considered effectiveness indicators is proposed. The proof of the method effectiveness is presented. The process of methods practical application is described.

Crucial factors for improving the ISO 14001 environmental management system

The practice of using environmental management systems (EMS) ISO 14001 at the organisational level indicates that the efficacy of such solutions depends on many factors, both endogenous and exogenous in nature. This article aims to identify the fac- tors that determine the opportunities for the improvement of EMS in organisations, the analysis of the relationship between the factors and the classification of the factors due to their role in the system improvement. The structural analysis was used to classify and identify the key factors and then to categorize these factors into five groups. Finally, the role of these key factors in improving environmental management systems was exam- ined. Based on the findings, guidelines can be offered to both scholars and practitioners regarding the factors crucial for the improvement of the EMS. Aiming to add value to the existing literature, the structural analysis was adapted to classification and identification of the key factors. From the point of view of practitioners, it seems to be very profitable to concentrate on the crucial factors during the process of EMS improvement.