Modified optimization model for selecting project risk response strategies

• Authors: MARCHWICKA Ewa , KUCHTA Dorota
• Languages of publication: EN

Abstracts

EN

The authors present modifications of the optimization model for selecting project risk response strategies proposed by Zhang and Fan. The weaknesses of the original model has been identified and an improved model with the main suggestions has been proposed. The main improvement concerned the objective function. The modified model was tested using a real project in the electrical industry – engineering and construction of the main low voltage switchboard for a live fish carrier (Helix Q7000) in Norway. Project team members report that the analysis is time consuming but results are satisfying – the model allows more systematic and efficient risk management.

Keywords

EN

risk management; optimization; linear programming

• Publisher: Politechnika Wrocławska. Oficyna Wydawnicza Politechniki Wrocławskiej
• Journal: Operations Research and Decisions
• Year: 2017
• Volume: 27
• Issue: 2
• Pages: 77-90

Contributors

author

MARCHWICKA Ewa

• Department of Computer Science and Management, Wrocław University of Science and Technology, ul. Łukasiewicza 5, 50-371 Wrocław, Poland

author

KUCHTA Dorota

• Department of Computer Science and Management, Wrocław University of Science and Technology, ul. Łukasiewicza 5, 50-371 Wrocław, Poland

References

• COURTOT H., La gestion des risques dans les projets, Ed. Economica, Paris 1998 (in French).
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• FAN Z.P., LI Y.H., ZHANG Y., Generating project risk response strategies based on CBR. A case study, Expert Systems with Applications, 2015, 42 (6), 2870–2883.
• KUCHTA D., SKORUPKA D., Choice of countermeasures in project risk management using fuzzy modelling, Int. J. Comp., Comm. Control, 2014, 9 (5), 584–592.
• A Guide to The Project Management Body of Knowledge PMBOK Guide (3rd Ed.), Project Management Institute Inc., Newtown Square 2004.
• ZHANG Y., FAN Z.P., An optimization method for selecting project risk response strategies, Int. J. Proj. Manage., 2014, 32 (3), 412–422.
• ZHANG Y., FAN Z.P., Selecting risk response strategies considering project risk interdependence, Int. J. Proj. Manage., 2016, 34 (5), 819–830.

Identifiers

DOI

10.5277/ord170205