Fuzzy multi-objective model for project risk response selection considering synergism between risk responses

Rahman Soofifard and Morteza Khakzar Bafruei

International Journal of Engineering Management and Economics, 2016, vol. 6, issue 1, 72-92

Abstract: Most projects significantly fail to achieve the corresponding pre-determined objectives due to uncertainty. There is wide agreement that the risk response strategy selection is an important issue in project risk management (PRM). This paper proposes a fuzzy multi-objective method for solving the risk response strategy selection problem. A linear integer programming has been used to solve a problem in order to choose the appropriate risk. An optimisation model is developed, which integrates several critical elements that are the project cost, project schedule, project quality and another objectives. The relationship between responses during implementation has been considered in this study. The time and quality saved by implementation of each of the responses in the activities have been considered in an uncertain and fuzzy manner and Zimmermann method has been used to solve the problem. Finally, a case study related to petroleum projects has been presented and the corresponding results have been analysed.

Keywords: PRM; project risk management; risk responses; response selection; response synergism; fuzzy multi-objective functions; optimisation modelling; uncertainty; linear integer programming; project costs; project scheduling; project quality; project management; petroleum projects; oil industry. (search for similar items in EconPapers)
Date: 2016
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