An integrated framework for risk response planning under resource constraints in large engineering projects

Abstract : Engineering project managers often face a challenge to allocate tight resources for managing interdependent risks. In this paper a quantitative framework of analysis for supporting decision-making in project risk response planning is developed and studied. The design structure matrix representation is used to capture risk interactions and build a risk propagation model for predicting the global mitigation effects of risk response actions. For exemplification, a genetic algorithm is used as tool for choosing response actions and allocating budget reserves. An application to a real transportation construction project is also presented. Comparison with a Sequential Forward Selection greedy algorithm shows the superiority of the genetic algorithm search for optimal solutions, and its flexibility for balancing mitigation effects and required budget.
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C. Fang, Franck Marle, Min Xie, Enrico Zio. An integrated framework for risk response planning under resource constraints in large engineering projects. IEEE Transactions on Engineering Management, Institute of Electrical and Electronics Engineers, 2013, 60 (3), pp.627-639. ⟨10.1109/TEM.2013.2242078⟩. ⟨hal-00926363⟩

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