Risk response incorporating risk preferences in international construction projects

Purpose The objective of this research is to develop a decision method that can generate appropriate risk response strategies for international construction project managers (PMs) and allow these reflect their different preferences. Design/methodology/approach optimal model approach adopted. A credibility-based fuzzy chance constrained programming (CFCCP) developed, which simultaneously minimizes the expected losses events total costs response. To solve multi-objective model, interactive solution used. Moreover, performance demonstrated by real industrial plant project. In addition, sensitivity analysis conducted. Findings result indicates PMs with greater aversion lead higher mitigation ratio cost Practical implications This provides contractors an effective decision-making plan, it will assist minimize enhance in market. Originality/value Previous studies overlook preference, important behavioral factor influencing decisions strategy selection. proposed novel selection considers attitudes toward among makers.