Markov Analysis As a Tool for Developing a Model for Risk Management- a Case Study Based on Electrical Transmission Line Installation Projects

Abstract

The study develops a model for risk assessmentby the use of Markov analysis combined with theDelphi approach for expert opinion , the papergives a methodology under which the various riskfactors are firstly collected then they are appliedfor Markov analysis, the Markov analysis returnsthe probability of occurrence of that particularrisk factor, this probability is then used tocalculate the R ua tu e' a model is then given whichis used to calculate the final impact value for eachrisk, which will be used in risk deciding riskmitigation plan.