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Journal Articles IEEE Transactions on Engineering Management Year : 2013

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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Dates and versions

hal-00926363 , version 1 (09-01-2014)

Identifiers

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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, 2013, 60 (3), pp.627-639. ⟨10.1109/TEM.2013.2242078⟩. ⟨hal-00926363⟩
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