Port Risk Evaluation: Port of Incheon

Abstract

The port risk evaluation applied in this study is a hybrid approach of Fuzzy Evidential Reasoning and Utility Techniques. The Analytic Hierarchy Process was incorporated to evaluate each risk factor’s importance and to yield the weighted risk level of the individual risk factor and the overall risk level. The interpretation of the results of the hybrid approach is straightforward. This feature enables port risk managers to identify the strengths and weaknesses of the ports regarding each risk factor, upper-level risk factors, and overall risk. This offers the necessary insight to determine which areas require special attention for risk mitigation. Consequently, the results obtained by the risk evaluation model are expected to be used by port risk managers as diagnostic instruments to mitigate port risk or to improve risk management practices.