The Critical Risk Factors that Influence Production-oriented Projects in the United Arab Emirates: A ‘Best-worst Method’ (BWM) Analysis

Abstract

Abstract The aim of this paper is to categorize and prioritize the critical risk factors that influence production-oriented projects. Utilizing data obtained from the metal production (manufacturing) and fabrication industry in United Arab Emirates, we employ multicriteria decision analysis encompassing the ‘Best-Worst Method’ (BWM) for factor ranking and categorization. The outcome of this exercise being the development of substantial proficiency in risk management that will have a significant impact on the overall success of projects commissioned within the production space. Findings drawn against an integrated ‘Technology–Organization–Environment’ and ‘Four levels of uncertainty’ framework suggests that ‘Automation,’ ‘Cycle time,’ and ‘Feed rate’ (technological factors), ‘Manpower utilization’ and ‘Agility’ (organizational factors), and ‘Occupational health and safety’ (environmental factors), ranked highest in terms of critical risk factors likely to impact upon the outcome of projects. This paper makes a specific contribution to the literature in that our use of an integrated ‘Technology–Organization–Environment’ – ‘Four levels of uncertainty’ framework as a risk intelligence focused typology allows us to focus on proactive as against reactive management of risk. This forms the core element of our theorization of risk knowledge as risk intelligence.