Table 2 Risks weights (BWM results).
From: Innovative BWM–TOPSIS-based approach to determine the optimum delivery method for offshore projects
Risk category | Risk title | Weight | Consistency ratio |
|---|---|---|---|
Development phase | |||
Technical risks | Design errors | 0.60 | 0.038 |
Changes in the scope of the project | 0.40 | ||
Financial and economical risks | Changes in Economic policies | 0.38 | |
Currency Fluctuation | 0.36 | ||
Suppliers Bid greater than estimate | 0.26 | ||
Management risks | Improper Project Feasibility Study | 0.21 | |
Failure to select the type of implementation on the project contract | 0.18 | ||
Improper project planning and budgeting and lack of accurate estimation of project value | 0.18 | ||
Bad identification of equipment and material | 0.16 | ||
Delay of tender offer evaluation and purchase order cycle | 0.14 | ||
Low level of engagement of disciplines in planning across the project | 0.12 | ||
Construction phase | |||
External & site conditions | Lack of sufficient knowledge and information of field and reservoir structures | 0.25 | 0.096 |
Delay of government permits | 0.24 | ||
Environmental impact of the project | 0.22 | ||
Weather effect on the project | 0.16 | ||
Water Depth in the project area | 0.13 | ||
Financial and economical risks | Project financing availability (debts & delayed payment on contract) | 0.31 | |
Cost over-run (bad initial cost estimation) | 0.28 | ||
Currency fluctuation (foreign exchange rate) | 0.22 | ||
Change in economic policies | 0.19 | ||
Management risks | Bad application of safety | 0.25 | |
Failure to achieve the main target point | 0.22 | ||
Bad start-up plan | 0.19 | ||
Lack of engineering resource qualifications and pool depth | 0.18 | ||
Delay of engineering designs during work | 0.16 | ||
Technical risks | Bad quality control | 0.27 | |
Changes in the scope of the project | 0.2 | ||
Design errors | 0.19 | ||
Design changes during construction | 0.18 | ||
Construction mistakes | 0.16 | ||
Operation phase | |||
External and site conditions risks | Environmental impact of the project | 0.52 | 0.024 |
Weather effect on the project | 0.28 | ||
Water Depth in the project area | 0.2 | ||
Management risks | Bad application of safety | 0.48 | |
Inadequate qualifications of engineering experts | 0.28 | ||
Technical risks | Bad quality control | 0.42 | |
Inappropriate operating methods | 0.37 | ||
Failure to predict the exact time to run the project | 0.24 | ||
Error in forecasting demands for service | 0.21 | ||
