Markov Analysis as a Tool for Developing a Model for Risk Management: A Case Study Based on Electrical Transmission Line Installation Projects
Published: 2019
Author(s) Name: Shwetank Parihar & Chandan Bhar |
Author(s) Affiliation: PhD , Department of Management Studies, Indian School of Mines, Dhanbad
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Abstract
The study develops a model for risk assessment
by the use of Markov analysis combined with the
Delphi approach for expert opinion, the paper
gives a methodology under which the various risk
factors are firstly collected then they are applied
for Markov analysis, the Markov analysis returns
the probability of occurrence of that particular
risk factor, this probability is then used to
calculate the Rvalue, a model is then given which
is used to calculate the final impact value for each
risk, which will be used in risk deciding risk
mitigation plan.
Keywords: Risk Management, Markov Analysis, Electrical Transmission Line Installation Project and Risk Assessment.
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