A bi-projection model based on linguistic terms with weakened hedges and its application in risk allocation

Risk allocation is a key point to improve the efficiency of the public private partnership (PPP) project. During the process of risk allocation, qualitative information cannot be avoided. A bi-projection model is proposed to resolve the qualitative decision-making (QDM) problem in the process of risk allocation when qualitative information is represented by linguistic terms with weakened hedges (LTWHs). The semantics and syntax of LTWHs are discussed firstly, then the basic conceptions of the bi-projection model are defined afterwards. Secondly, we develop the process of bi-projection model based on LTWHs. Then, a case study of risk allocation is used to illustrate the availability and effectiveness of the proposed model. Moreover, the proposed method is compared with the TOPSIS and VIKOR methods. The result shows that the proposed method not only takes the weakened hedges as a component, but also reduces the problem of lacking information, along with increasing the objectivity of the decision-making process. (C) 2019 Elsevier B.V. All rights reserved.