Markov Analysis as a Tool for Developing a Model for Risk Management:A Case Study Based on Electrical Transmission Line Installation Projects

The study develops a model for risk assessment by the use of Markov analysis combined with the Delphi approach for expert opinion, the paper gives a methodology under which the various risk factors are firstly collected then they are applied for Markov analysis, the Markov analysis returns the probability of occurrence of that particular risk factor, this probability is then used to calculate the R_value, a model is then given which is used to calculate the final impact value for each risk, which will be used in risk deciding risk mitigation plan.