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.
Original language | English (US) |
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Pages (from-to) | 97-107 |
Number of pages | 11 |
Journal | Journal of Multi-Criteria Decision Analysis |
Volume | 11 |
Issue number | 2 |
DOIs | |
State | Published - 2002 |
All Science Journal Classification (ASJC) codes
- General Decision Sciences
- Strategy and Management