A Fuzzy Model of Risk Assessment for Environmental Start-up Projects in the Air Transport Sector

Area of Science:

• Environmental Risk Assessment
• Fuzzy Logic in Decision Support
• Air Transport Sector Analysis

Background:

• Environmental start-up projects in air transport face unique risks during business expansion.
• Investment funds require robust tools for evaluating these projects.
• Existing risk assessment methods may not adequately capture the uncertainties involved.

Purpose of the Study:

• To develop a fuzzy risk assessment model for environmental start-up projects in the air transport sector.
• To provide a decision support tool for investment funds financing these projects.
• To enhance the resilience of risk decisions in project financing.

Main Methods:

• Formulation of 21 risk assessment criteria for environmental start-up projects in air transport.
• Utilizing linguistic risk assessment and expert considerations as input.
• Development of a fuzzy risk assessment model based on expert knowledge and linguistic variables.

Main Results:

• A novel fuzzy risk assessment model was developed and embedded in a generalized algorithm.
• The model effectively reveals uncertainty in input data.
• A linguistic interpretation of the risk assessment was achieved.

Conclusions:

• The fuzzy model serves as a valuable tool for investment funds in financing environmental start-up projects.
• The model increases the resilience of risk decision-making for investors.
• This approach offers a quantitative risk assessment for the air transport sector's environmental start-ups.