Risk Identification and Assessment for Industrial Heritage Renewal Projects Using Hybrid Methods

With the trend of city expansion and industrial restructuring, the renewal of industrial heritage has gradually become a key issue for sustainable urban development. However, research on risk management for the industrial heritage renewal project (IHRP) remains scarce. This study focuses on the risk identification and assessment of the IHRP throughout the entire process and from the owner’s perspective. The risks during the entire process of the IHRP are identified and the risk assessment index system is established based on literature analysis, field investigation, semi-structured interviews, and brainstorming-based statistical analysis. A hybrid risk assessment model integrating ANP, CRITIC and Cloud Model is then proposed to simultaneously address inter-dependencies between risk factors, the balance between subjective and data-driven weights and fuzziness and randomness of risk evaluation. The proposed risk assessment method is applied to the Hangzhou Steel IHRP to demonstrate its applicability. This study provides a comprehensive risk assessment method tailored to the IHRP and its risk characteristics. The proposed method can facilitate the planning and implementation of the risk management on the IHRP for the owner and other stakeholders, thus promoting urban renewal development.