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

Yao Zhang, Fei Zuo and Xin Guan

Physica A: Statistical Mechanics and its Applications, 2020, vol. 545, issue C

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.

Keywords: Project risk management; Case-based; Risk response action (RRA); Fuzzy optimization (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:545:y:2020:i:c:s0378437119319922

DOI: 10.1016/j.physa.2019.123578

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