Study Findings from Budapest University of Technology and Economics Broaden Understanding of Risk Management (Development of the PRISM Risk Assessment Method Based on a Multiple AHP-TOPSIS Approach): Insurance – Risk Management

2022 NOV 24 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Researchers detail new data in risk management. According to news reporting out of Budapest, Hungary, by NewsRx editors, research stated, “The PRISM method is a risk assessment approach that focuses on hidden-risk identification and ranking.”

Funders for this research include Ministry For Innovation And Technology of Hungary From The National Research, Development And Innovation Fund.

The news reporters obtained a quote from the research from Budapest University of Technology and Economics: “The combined AHP-PRISM method was created for strategic assessments based on pairwise comparisons. The PRISM and AHP-PRISM methods have remarkable visual decision support and control functions that make them useful in practical problem solving. However, the methods can be successfully applied with the same factor weights. To eliminate this significant disadvantage and enable an in-depth analysis of the alternatives based on the ideal best and ideal worst solutions, AHP-PRISM was integrated with TOPSIS in this study. As a result, the novel AHP-TOPSIS-based PRISM method can be configured more extensively for practical decision-making problems than the previous PRISM approaches. In addition, the novel method supports the ideal best and worst analysis of the alternatives without losing its ability to focus on identifying hidden risk.”

According to the news editors, the research concluded: “The method was tested on data related to strategic incident groups of incoming logistics business processes at a nuclear power plant.”

For more information on this research see: Development of the PRISM Risk Assessment Method Based on a Multiple AHP-TOPSIS Approach. Risks, 2022,10(213):213. (Risks - http://www.mdpi.com/journal/risks). The publisher for Risks is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/risks10110213.

Our news journalists report that more information may be obtained by contacting Ferenc Bognar, Department of Management and Business Economics, Budapest University of Technology and Economics, Magyar Tudosok Korutja 2, H-1117 Budapest, Hungary. Additional authors for this research include Balazs Szentes, Petra Benedek.

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