Novel Framework for Evaluating Container Port Risks: The Case of Incheon Port

Abstract

This study is the second step in a series of research on risk management and evaluation of container ports in Korea and focuses on the development of the risk evaluation framework. And then, the framework was applied to Incheon port to evaluate the risk levels of the selected risk factors and the total risk level in the context of container operations. The port risk evaluation framework developed in this study is a hybrid model of the FER algorithm and Utility Techniques by incorporating AHP to evaluate the weights and risk level of each risk factor, leading to driving the weighted risk level of the individual risk factor as well as the total risk level of the alternative port. Consequently, the results obtained by the risk evaluation model are expected to be used by port risk managers as diagnostic tools to mitigate port risk or to improve risk management practices. In addition, the results will be used as basic data for the risk control options(RCOs) selection and the cost-benefit(C/B)analysis for further study.