A GAME THEORETIC OPTIMIZATION MODEL BETWEEN PROJECT RISK SET AND MEASURE SET

Lindu Zhao () and Yiping Jiang ()
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Lindu Zhao: Institute of Systems Engineering, Southeast University, Nanjing, Jiangsu, China
Yiping Jiang: Institute of Systems Engineering, Southeast University, Nanjing, Jiangsu, China

International Journal of Information Technology & Decision Making (IJITDM), 2009, vol. 08, issue 04, 769-786

Abstract: Project risk management, as a subjective and dynamic decision method of avoiding project risk, plays an important role in selecting appropriate control measures (i.e. measure set) to handle multiple emerging risks (i.e. risk set). This paper focuses on the multi-risk control problem under the condition of finite risk management resources. Based on the description of a Multi-HUB network and a collaboration mechanism within project risk management system, a multi-risk control system is formulated as a non-cooperative complete information game model between the project risk set and the measure set. In the proposed model, each risk within the risk set is described as a player in the game, who is competing with other players for the allocation of risk control resources that are available in limited quantities within a given measure set. Then an efficient algorithm is proposed to solve the allocation solution based on Nash equilibrium, and an experiment is presented to illustrate the effectiveness of the proposed game model. The proposed modeling and solution methods can be used to support decision-making in project risk management.

Keywords: Project management; risk control; risk management; Nash equilibrium; game theory (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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DOI: 10.1142/S0219622009003697

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