A Three-Stage Holistic Risk Assessment Approach Proposal Based on KEMIRA-M And DEMATEL Integration

Abstract

This study proposes a three-stage Modified Kemeny Median Indicator Rank Accordance (KEMIRA-M) and Decision-Making Trial and Evaluation Laboratory (DEMATEL) integration for RA. At the first stage, risk criteria rankings are obtained for each expert separately by implementing DEMATEL. At the second stage, criteria weights obtained from DEMATEL are used to determine Median Priority Components which is an aggregated criterion ranking for all experts as in traditional KEMIRA-M. In this stage, initial decision matrix including danger sources' performance values for risk criteria is formed and rankings of danger sources are obtained via KEMIRA-M selection procedure considering criteria weights obtained from DEMATEL. At the third stage, direct relationship matrix of DEMATEL is used again to determine affect level of measures on danger sources. Then, by using the danger sources' weights obtained from the second stage, the measures were prioritized according to the weighted means. This study is the first one that advance KEMIRA-M's weighting procedure by implementing DEMATEL. In this way, a systematic weighting procedure has been gained for KEMIRA-M and a rule-based weight assignment can be performed for risk criteria in KEMIRA-M. Additionally, a three-step KEMIRA-M and DEMATEL is first proposed in this study as a holistic RA to prioritize measures. There is no study that considers risk criteria, danger sources and measures at the same time to prioritize measures. This study provides a new comprehensive approach for experts and executives to make a work plan for measure applications considering risk criteria and danger sources.