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Modified optimization model for selecting project risk response strategies

Author

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  • Ewa Marchwicka
  • Dorota Kuchta

Abstract

The authors present modifications of the optimization model for selecting project risk response strategies proposed by Zhang and Fan. The weaknesses of the original model has been identified and an improved model with the main suggestions has been proposed. The main improvement concerned the objective function. The modified model was tested using a real project in the electrical industry – engineering and construction of the main low voltage switchboard for a live fish carrier (Helix Q7000) in Norway. Project team members report that the analysis is time consuming but results are satisfying – the model allows more systematic and efficient risk management.

Suggested Citation

  • Ewa Marchwicka & Dorota Kuchta, 2017. "Modified optimization model for selecting project risk response strategies," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 27(2), pages 77-90.
    • Handle: RePEc:wut:journl:v:2:y:2017:p:77-90:id:1295
    DOI: 10.5277/ord170205
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    Cited by:

    1. Yaser Taghinezhad, 2019. "Optimisation model for a chain logistics problem involving chilled food under conditions of uncertainty," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 29(2), pages 103-116.

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