IDEAS home Printed from https://ideas.repec.org/a/eee/phsmap/v545y2020ics0378437119319922.html
   My bibliography  Save this article

Integrating case-based analysis and fuzzy optimization for selecting project risk response actions

Author

Listed:
  • Zhang, Yao
  • Zuo, Fei
  • Guan, Xin

Abstract

This article proposes a method based on case-based analysis and fuzzy optimization to provide decision support in project risk response. The main steps of the method are: (1) the formulation of alternative risk response actions (RRAs) based on case-based analysis, and (2) the determination of the optimal set of RRAs using a fuzzy optimization model. Based on the method, project managers (PMs) can find out alternative RRAs and further determine an optimal set of RRAs. Some managerial suggestion and implication are drawn from the results of the article. First, to perform better risk response in future, it is suggested that organizations should always capture a long-term perspective, with an awareness of keeping documents of all handled historical projects. Second, since each RRA obtained from alternative historical cases needs to be adapted in accordance with the current situations, adaptation costs should also be considered when allocating budget for selecting RRAs.

Suggested Citation

  • Zhang, Yao & Zuo, Fei & Guan, Xin, 2020. "Integrating case-based analysis and fuzzy optimization for selecting project risk response actions," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 545(C).
    • Handle: RePEc:eee:phsmap:v:545:y:2020:i:c:s0378437119319922
    DOI: 10.1016/j.physa.2019.123578
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0378437119319922
    Download Restriction: Full text for ScienceDirect subscribers only. Journal offers the option of making the article available online on Science direct for a fee of $3,000
    File URL: https://libkey.io/10.1016/j.physa.2019.123578?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Mohammad Ali Hatefi & Seyed Mohammad Seyedhoseini, 2012. "Comparative Review on the Tools and Techniques for Assessment and Selection of the Project Risk Response Actions (RRA)," International Journal of Information Technology Project Management (IJITPM), IGI Global, vol. 3(3), pages 60-78, July.
    2. Edouard Kujawski, 2002. "Selection of technical risk responses for efficient contingencies," Systems Engineering, John Wiley & Sons, vol. 5(3), pages 194-212.
    3. Ahmet E. Oztekin & James T. Luxhøj, 2010. "An inductive reasoning approach for building system safety risk models of aviation accidents," Journal of Risk Research, Taylor & Francis Journals, vol. 13(4), pages 479-499, June.
    4. Edouard Kujawski & Diana Angelis, 2010. "Monitoring risk response actions for effective project risk management," Systems Engineering, John Wiley & Sons, vol. 13(4), pages 353-368, December.
    5. Fan, Miao & Lin, Neng-Pai & Sheu, Chwen, 2008. "Choosing a project risk-handling strategy: An analytical model," International Journal of Production Economics, Elsevier, vol. 112(2), pages 700-713, April.
    6. Hanif D. Sherali & Jitamitra Desai & Theodore S. Glickman, 2008. "Optimal Allocation of Risk-Reduction Resources in Event Trees," Management Science, INFORMS, vol. 54(7), pages 1313-1321, July.
    7. I Ben-David & T Raz, 2001. "An integrated approach for risk response development in project planning," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 52(1), pages 14-25, January.
    8. Wang, Jingbei & Yang, Naiding & Zhang, Yanlu & Song, Yue, 2018. "Development of the mitigation strategy against the schedule risks of the R&D project through controlling the cascading failure of the R&D network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 508(C), pages 390-401.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mahsa Parsaei Motamed & Shahrooz Bamdad, 2022. "A multi-objective optimization approach for selecting risk response actions: considering environmental and secondary risks," OPSEARCH, Springer;Operational Research Society of India, vol. 59(1), pages 266-303, March.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zuo, Fei & Zio, Enrico & Xu, Yue, 2023. "Bi-objective optimization of the scheduling of risk-related resources for risk response," Reliability Engineering and System Safety, Elsevier, vol. 237(C).
    2. Mahsa Parsaei Motamed & Shahrooz Bamdad, 2022. "A multi-objective optimization approach for selecting risk response actions: considering environmental and secondary risks," OPSEARCH, Springer;Operational Research Society of India, vol. 59(1), pages 266-303, March.
    3. Dengsheng Wu & Xiaoqian Zhu & Jie Wan & Chunbing Bao & Jianping Li, 2019. "A Multiobjective Optimization Approach for Selecting Risk Response Strategies of Software Project: From the Perspective of Risk Correlations," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(01), pages 339-364, January.
    4. Ellinas, Christos & Allan, Neil & Johansson, Anders, 2016. "Project systemic risk: Application examples of a network model," International Journal of Production Economics, Elsevier, vol. 182(C), pages 50-62.
    5. Khakzad, Nima, 2021. "Optimal firefighting to prevent domino effects: Methodologies based on dynamic influence diagram and mathematical programming," Reliability Engineering and System Safety, Elsevier, vol. 212(C).
    6. Edouard Kujawski, 2016. "A Probabilistic Game‐Theoretic Method to Assess Deterrence and Defense Benefits of Security Systems," Systems Engineering, John Wiley & Sons, vol. 19(6), pages 549-566, November.
    7. Mumtaz Karatas & Ertan Yakıcı & Abdullah Dasci, 2022. "Solving a bi-objective unmanned aircraft system location-allocation problem," Annals of Operations Research, Springer, vol. 319(2), pages 1631-1654, December.
    8. Edouard Kujawski & Gregory A. Miller, 2007. "Quantitative risk‐based analysis for military counterterrorism systems," Systems Engineering, John Wiley & Sons, vol. 10(4), pages 273-289, December.
    9. Huang, Min & Ip, W.H. & Yang, Hongmei & Wang, Xingwei & Lau, Henry C.W., 2008. "A fuzzy synthetic evaluation embedded tabu search for risk programming of virtual enterprises," International Journal of Production Economics, Elsevier, vol. 116(1), pages 104-114, November.
    10. Curto, D. & Acebes, F. & González-Varona, J.M. & Poza, D., 2022. "Impact of aleatoric, stochastic and epistemic uncertainties on project cost contingency reserves," International Journal of Production Economics, Elsevier, vol. 253(C).
    11. E. Borgonovo & C. L. Smith, 2011. "A Study of Interactions in the Risk Assessment of Complex Engineering Systems: An Application to Space PSA," Operations Research, INFORMS, vol. 59(6), pages 1461-1476, December.
    12. Liu, Zhixue & Ding, Ronggui & Wang, Lei & Song, Rui & Song, Xinyi, 2023. "Cooperation in an uncertain environment: The impact of stakeholders' concerted action on collaborative innovation projects risk management," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    13. Ji-Myong Kim & Junseo Bae & Seunghyun Son & Kiyoung Son & Sang-Guk Yum, 2021. "Development of Model to Predict Natural Disaster-Induced Financial Losses for Construction Projects Using Deep Learning Techniques," Sustainability, MDPI, vol. 13(9), pages 1-12, May.
    14. Creemers, Stefan & De Reyck, Bert & Leus, Roel, 2015. "Project planning with alternative technologies in uncertain environments," European Journal of Operational Research, Elsevier, vol. 242(2), pages 465-476.
    15. Ji-Myong Kim & Taehui Kim & Sungjin Ahn, 2020. "Loss Assessment for Sustainable Industrial Infrastructure: Focusing on Bridge Construction and Financial Losses," Sustainability, MDPI, vol. 12(13), pages 1-16, July.
    16. Zhang, Kaimin & Bai, Libiao & Xie, Xiaoyan & Wang, Chenshuo, 2023. "Modeling of risk cascading propagation in project portfolio network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 612(C).
    17. Bi, Kexin & Huang, Ping & Ye, Hui, 2015. "Risk identification, evaluation and response of low-carbon technological innovation under the global value chain: A case of the Chinese manufacturing industry," Technological Forecasting and Social Change, Elsevier, vol. 100(C), pages 238-248.
    18. Hanif D. Sherali & Evrim Dalkiran & Theodore S. Glickman, 2011. "Selecting Optimal Alternatives and Risk Reduction Strategies in Decision Trees," Operations Research, INFORMS, vol. 59(3), pages 631-647, June.
    19. Wang, Jingbei & Yang, Naiding & Zhang, Yanlu & Song, Yue, 2019. "Modeling and simulation of the cascading failure of R&D network considering the community structure," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 522(C), pages 43-53.
    20. Edouard Kujawski & Diana Angelis, 2010. "Monitoring risk response actions for effective project risk management," Systems Engineering, John Wiley & Sons, vol. 13(4), pages 353-368, December.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:phsmap:v:545:y:2020:i:c:s0378437119319922. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.