A multi-objective optimization approach for selecting risk response actions: considering environmental and secondary risks

Mahsa Parsaei Motamed and Shahrooz Bamdad ()
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Mahsa Parsaei Motamed: Islamic Azad University, South Tehran Branch
Shahrooz Bamdad: Islamic Azad University, South Tehran Branch

OPSEARCH, 2022, vol. 59, issue 1, No 10, 266-303

Abstract: Abstract Given the intense competition and the current economic and political situation, it is clear that the execution projects, especially the large ones, will face many risks, which would be irreparable if not identified, analyzed, and responded to, so the risk management role is very effective in this regard. On the other hand, despite the available research, there are still significant shortcomings, especially in the risk response phase. It can be said that finding the best set of risk response actions is the main prerequisite for the success of the risk management process. One of the problems is the lack of focus of most of the existing approaches on secondary risks, which may arise during the implementation of the selected risk response actions. Therefore, to improve the selection of appropriate risk response actions, this study provides a goal programming model concerning secondary risks and intending to minimize undesirable deviations from expected changes in cost, time, and quality of the project due to the risk occurrence. After solving this model, an optimal set of both primary and secondary response actions is selected. A case study on the environmental risks of an oil and gas project has been conducted to demonstrate the model’s efficiency.

Keywords: Goal programming (GP); Project risk management (PRM); Risk response action selection; Secondary risk; 58E17 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s12597-021-00541-5

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