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

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  • Zhang, Yao
  • Zuo, Fei
  • Guan, Xin

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.

Suggested Citation

  • Zhang, Yao & Zuo, Fei & Guan, Xin, 2020. "Integrating case-based analysis and fuzzy optimization for selecting project risk response actions," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 545(C).
    • Handle: RePEc:eee:phsmap:v:545:y:2020:i:c:s0378437119319922
    DOI: 10.1016/j.physa.2019.123578
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    References listed on IDEAS

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    2. Edouard Kujawski & Diana Angelis, 2010. "Monitoring risk response actions for effective project risk management," Systems Engineering, John Wiley & Sons, vol. 13(4), pages 353-368, December.
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    5. Mohammad Ali Hatefi & Seyed Mohammad Seyedhoseini, 2012. "Comparative Review on the Tools and Techniques for Assessment and Selection of the Project Risk Response Actions (RRA)," International Journal of Information Technology Project Management (IJITPM), IGI Global, vol. 3(3), pages 60-78, July.
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    Cited by:

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