The purpose of this paper is to develop a fuzzy model of the risk assessment for environmental start-up projects in the air transport sector at the stage of business expansion. The model developed for the following software will be a useful tool for the risk decision support system of investment funds in financing environmental start-up projects at the stage of market conquest. Developing a quantitative risk assessment for environmental start-up projects for the air transport sector will increase the resilience of making risk decisions about their financing by the investors. In this paper, a set of 21 criteria for assessing the risk of launching environmental start-up projects in the air transport sector were formulated for the first time by presenting inputs in the form of a linguistic risk assessment and the number of credible expert considerations. The fuzzy risk assessment model, based on expert knowledge, uses linguistic variables, reveals the uncertainty of the input data, and displays a risk assessment with linguistic interpretation. The result of the paper is a fuzzy model that is embedded in a generalized algorithm and tested in an example risk assessment of environmental start-up projects in the air transport sector.

Department of Physics National and Kapodistrian University of Athens GR 15784 Athens Greece

Faculty of Aeronautics Technical University of Kosice 04121 Kosice Slovakia

Faculty of Information Technologies Uzhhorod National University 88000 Uzhhorod Ukraine

Faculty of Mathematics Physics and Informatics Comenius University in Bratislava Bratislava Mlynska 84248 Dolina; Slovakia

Faculty of Mining Ecology Process Control and Geotechnology of Aeronautics Technical University of Kosice 04121 Kosice Slovakia

Faculty of Transport Czech Technical University in Praque 16000 Praque Czech Republic

Faculty of Transport Engineering University of Pardubice 53210 Pardubice Czech Republic

Faculty of Transport Silesian University of Technology 44100 Gliwice Poland

Research and Innovation Centre Bioinformatics USP TECHNICOM Technical University of Košice 040 01 Kosice Slovakia

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