Global Risk Management Index: A New Evaluation Method Using TOPSIS-G

What is it about?

The paper proposes a model to evaluate the INFORM Risk Management Index of countries over a specified time period, comparing the results with existing rankings. Using the TOPSIS technique integrated with grey system theory, the study aims to create a new ranking for the INFORM index. The model analyzes the INFORM performance of countries from 2015 to 2023, identifying Germany as the country with the highest risk management performance and Somalia with the lowest. A high correlation between existing INFORM values and newly derived values is observed, suggesting that the TOPSIS-G method provides consistent results, particularly when analyzing time dimensions. The introduction highlights the increasing frequency and impact of natural disasters globally, emphasizing the importance of effective disaster management and humanitarian aid logistics to mitigate potential losses and improve response and recovery efforts.

Featured Image

Photo by Edge2Edge Media on Unsplash

Photo by Edge2Edge Media on Unsplash

Why is it important?

This research is significant because it proposes a model to evaluate countries' INFORM Risk Management Index over time, which is crucial for understanding and improving disaster management and humanitarian aid logistics. The study's use of the TOPSIS-G method to analyze INFORM performances between 2015-2023 provides valuable insights into countries' risk management capabilities. This information can help nations better prepare for and respond to natural disasters and humanitarian crises, potentially reducing loss of life and economic damage. The research also contributes to the limited body of work on INFORM, offering a new perspective on risk assessment that incorporates time as a dimension. Key Takeaways: 1. Methodology: The study employs the TOPSIS technique integrated with grey system theory (TOPSIS-G) to evaluate countries' INFORM Risk Management Index, providing a new approach to risk assessment that considers performance over time. 2. Global Rankings: The research identifies Germany as the country with the highest risk management performance and Somalia with the lowest, offering valuable benchmarks for other nations to improve their disaster preparedness and response capabilities. 3. Correlation with Existing Data: The study finds a high correlation between the newly obtained values using TOPSIS-G and existing INFORM values, suggesting that this method can provide consistent results for future research incorporating the time dimension in risk analysis.