An optimization method for selecting project risk response strategies

International Journal of Project Management

Volumn 32, Issue 3, 2014, Pages 412-422

  Zhang, Yao ^a   Fan, Zhi Ping ^a  

^a NORTHEASTERN UNIVERSITY   (China)

Author keywords

Optimization; Project scope; Risk response strategy; Trade off; Work breakdown structure (WBS)

Indexed keywords

ECONOMIC AND SOCIAL EFFECTS; MANAGERS; OPTIMAL SYSTEMS; OPTIMIZATION; RISK MANAGEMENT;

OPTIMAL SOLUTIONS; OPTIMIZATION METHOD; OPTIMIZATION MODELING; PROJECT RISK MANAGEMENT; PROJECT SCOPE; RISK RESPONSE; TRADE-OFF; WORK BREAKDOWN STRUCTURE;

ITERATIVE METHODS;

OPTIMIZATION; PROJECT MANAGEMENT; RISK ASSESSMENT; TRADE-OFF;

EID: 84894282660     PISSN: 02637863     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ijproman.2013.06.006     Document Type: Article

References (27)

1. Aloini D., Dulmin R., Mininno V. Modelling and assessing ERP project risks: a Petri Net approach. European Journal of Operations Research 2012, 220:484-495.
2. Ben-David I., Raz T. An integrated approach for risk response development in project planning. Journal of the Operational Research Society 2001, 52:14-25.
3. Ben-David I., Rabinowitz G., Raz T. Economic Optimization of Project Risk Management Efforts 2002, The Israel Institute of Business Research.
4. Buchan D.H. Risk analysis-some practical suggestions. Cost Engineering 1994, 36:29-34.
5. Carr V., Tah J.H.M. A fuzzy approach to construction project risk assessment and analysis: construction project risk management system. Advances in Engineering Software 2001, 32:847-857.
6. Chapman C.B. Large engineering project risk analysis. IEEE Transactions on Engineering Management 1979, 26:78-86.
7. Chapman C.B., Ward S.C. Project risk management. Processes, techniques and insights 1997, John Wiley, Chichester, UK.
8. Datta S., Mukherjee S.K. Developing a risk management matrix for effective project planning-an empirical study. Project Management Journal 2001, 32:45-57.
9. Elkjaer M., Felding F. Applied project risk management-introducing the project risk management loop of control. International Project Management Journal 1999, 5:16-25.
10. Fan M., Lin N.-P., Sheu C. Choosing a project risk-handling strategy: an analytical model. International Journal of Production Economics 2008, 112:700-713.
11. Flanagan R., Norman G. Risk Management and Construction 1993, Blackwell, Oxford.
12. Haimes Y. A Unified Framework for Risk Assessment and Management of Sanitary and Phytosanitary (SPS) Situations 2005, University of Virginia.
13. Hatefi M.A., Seyedhoseini S.M., Noori S. Risk response actions selection. The International Journal of Applied Management and Technology 2007, 5:385-408.
14. Hillson D. Developing effective risk response. Proceeding of the 30th Annual Project Management Institute Seminars and Symposium, Philadelphia, USA 1999.
15. Jaafari A. Management of risks, uncertainties and opportunities on projects: time for a fundamental shift. International Journal of Project Management 2001, 19:89-101.
16. Kayis B., Arndt G., Zhou M., Amornsawadwatana S. A risk mitigation methodology for new product and process design in concurrent engineering projects. Annals of the CIRP 2007, 56:167-170.
17. Kerzner H. Project Management: A Systems Approach to Planning, Scheduling, and Controlling 2006, Wiley, New York.
18. Klein J.H. Modelling risk trade-off. The Journal of the Operational Research Society 1993, 44:445-460.
19. Klein J.H., Powell P.L., Chapman C.B. Project risk analysis based on prototype activities. Journal of the Operational Research Society 1994, 45:749-757.
20. Kujawski E. Selection of technical risk responses for efficient contingencies. Systems Engineering 2002, 5:194-212.
21. Marle F., Vidal L. Project risk management processes: improving coordination using a clustering approach. Research in Engineering Design 2011, 22:189-206.
22. Miller R., Lessard D. Understanding and managing risks in large engineering projects. International Journal of Project Management 2001, 19:437-443.
23. Piney C. Risk response planning: select the right strategy. Fifth Project Management Conference, France 2002.
24. Pipattanapiwong J., Watanabe T. Multi-party risk management process (MRMP) for a construction project financed by an international lender. Proceedings of the 16th Association of Researchers in Construction Management (ARCOM) Annual Conference, Glasgow 2000.
25. PMI, 2004. A Guide to The Project Management Body of Knowledge PMBOK Guide, third edition. USA: Project Management Institute Inc., Newtown Square, Pa.
26. Seyedhoseini S.M., Noori S., Hatefi M.A. An integrated methodology for assessment and selection of the project risk response actions. Risk Analysis 2009, 29:752-763.
27. Zou P., Zhang G., Wang J. Understanding the key risks in construction projects in China. International Journal of Project Management 2007, 25:601-614.