Modelling risk and uncertainty with the analytic hierarchy process
Authors:
- 1 March 2002
- journal article
- research article
- Published by Wiley in Journal of Multi-Criteria Decision Analysis
- Vol. 11 (2) , 97-107
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 © 2003 John Wiley & Sons, Ltd.Keywords
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