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An Integrated Methodology for Assessment and Selection of the Project Risk Response Actions

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  • Seyed Mohammad Seyedhoseini
  • Siamak Noori
  • Mohammad Ali Hatefi

Abstract

In a systematic process of project risk management, after risk assessment is implemented, the risk analysts encounter the phase of assessment and selection of the project risk response actions (RA). As indicated by many researchers, there are less systematic and well‐developed solutions in the area of risk response assessment and selection. The present article introduces a methodology including a modeling approach with the objective of selecting a set of RA that minimizes the undesirable deviation from achieving the project scope. The developed objective function comprises the three key success criteria of a project, namely, time, quality, and cost. Our model integrates overall project management into the project risk response planning (P2RP). Furthermore, the proposed model stresses on an equivalent importance for both “risk” and “response.” We believe that applying the proposed model helps the project risk analyst in most effective and efficient manner dealing with his or her complicated RA selection problems. The application of the proposed model was implemented in projects in the construction industry in which it showed tremendous time, cost, and quality improvements.

Suggested Citation

  • Seyed Mohammad Seyedhoseini & Siamak Noori & Mohammad Ali Hatefi, 2009. "An Integrated Methodology for Assessment and Selection of the Project Risk Response Actions," Risk Analysis, John Wiley & Sons, vol. 29(5), pages 752-763, May.
    • Handle: RePEc:wly:riskan:v:29:y:2009:i:5:p:752-763
    DOI: 10.1111/j.1539-6924.2008.01187.x
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    References listed on IDEAS

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    1. Xiaoyan Jiang & Sai Wang & Jie Wang & Sainan Lyu & Martin Skitmore, 2020. "A Decision Method for Construction Safety Risk Management Based on Ontology and Improved CBR: Example of a Subway Project," IJERPH, MDPI, vol. 17(11), pages 1-23, June.
    2. 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).
    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. 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.
    5. 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).
    6. David Curto & Fernando Acebes & Jose M Gonzalez-Varona & David Poza, 2024. "Impact of aleatoric, stochastic and epistemic uncertainties on project cost contingency reserves," Papers 2406.03500, arXiv.org.
    7. John Malu Nzioki & Dr. Mary Nyawira Mwenda, 2021. "Enhancing Performance of the Building Construction Industry through Quantitative Risk Analysis and Risk Response: A Case of Exchequer Funded Building Construction Projects in Machakos County, Kenya," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(3), pages 31-39, March.
    8. Ofer Zwikael & Mark Ahn, 2011. "The Effectiveness of Risk Management: An Analysis of Project Risk Planning Across Industries and Countries," Risk Analysis, John Wiley & Sons, vol. 31(1), pages 25-37, January.
    9. Guiliang Su & Rana Khallaf, 2022. "Research on the Influence of Risk on Construction Project Performance: A Systematic Review," Sustainability, MDPI, vol. 14(11), pages 1-19, May.

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