IDEAS home Printed from https://ideas.repec.org/a/spr/opsear/v59y2022i1d10.1007_s12597-021-00541-5.html
   My bibliography  Save this article

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

Author

Listed:
  • Mahsa Parsaei Motamed

    (Islamic Azad University, South Tehran Branch)

  • Shahrooz Bamdad

    (Islamic Azad University, South Tehran Branch)

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.

Suggested Citation

  • Mahsa Parsaei Motamed & Shahrooz Bamdad, 2022. "A multi-objective optimization approach for selecting risk response actions: considering environmental and secondary risks," OPSEARCH, Springer;Operational Research Society of India, vol. 59(1), pages 266-303, March.
    • Handle: RePEc:spr:opsear:v:59:y:2022:i:1:d:10.1007_s12597-021-00541-5
    DOI: 10.1007/s12597-021-00541-5
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s12597-021-00541-5
    File Function: Abstract
    Download Restriction: Access to the full text of the articles in this series is restricted.
    File URL: https://libkey.io/10.1007/s12597-021-00541-5?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. 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.
    2. Edouard Kujawski, 2002. "Selection of technical risk responses for efficient contingencies," Systems Engineering, John Wiley & Sons, vol. 5(3), pages 194-212.
    3. A. Charnes & W. W. Cooper, 1963. "Programming with linear fractional functionals," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 10(1), pages 273-274, March.
    4. I Ben-David & T Raz, 2001. "An integrated approach for risk response development in project planning," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 52(1), pages 14-25, January.
    5. Nguyen, Trong-Hung & Marmier, François & Gourc, Didier, 2013. "A decision-making tool to maximize chances of meeting project commitments," International Journal of Production Economics, Elsevier, vol. 142(2), pages 214-224.
    6. KIlIç, Murat & Ulusoy, Gündüz & Serifoglu, Funda Sivrikaya, 2008. "A bi-objective genetic algorithm approach to risk mitigation in project scheduling," International Journal of Production Economics, Elsevier, vol. 112(1), pages 202-216, March.
    7. 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).
    8. Seyed Mohammad Seyedhoseini & Siamak Noori & Mohammad Ali Hatefi, 2009. "An Integrated Methodology for Assessment and Selection of the Project Risk Response Actions," Risk Analysis, John Wiley & Sons, vol. 29(5), pages 752-763, May.
    9. Zafra-Cabeza, Ascensión & Ridao, Miguel A. & Camacho, Eduardo F., 2008. "Using a risk-based approach to project scheduling: A case illustration from semiconductor manufacturing," European Journal of Operational Research, Elsevier, vol. 190(3), pages 708-723, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gholamreza Shojatalab & Seyed Hadi Nasseri & Iraj Mahdavi, 2022. "New multi-objective optimization model for tourism systems with fuzzy data and new algorithm for solving this model," OPSEARCH, Springer;Operational Research Society of India, vol. 59(3), pages 1018-1037, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Zuo, Fei & Zio, Enrico & Xu, Yue, 2023. "Bi-objective optimization of the scheduling of risk-related resources for risk response," Reliability Engineering and System Safety, Elsevier, vol. 237(C).
    2. Dengsheng Wu & Xiaoqian Zhu & Jie Wan & Chunbing Bao & Jianping Li, 2019. "A Multiobjective Optimization Approach for Selecting Risk Response Strategies of Software Project: From the Perspective of Risk Correlations," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., vol. 18(01), pages 339-364, January.
    3. 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).
    4. Xiaoyan Jiang & Sai Wang & Jie Wang & Sainan Lyu & Martin Skitmore, 2020. "A Decision Method for Construction Safety Risk Management Based on Ontology and Improved CBR: Example of a Subway Project," IJERPH, MDPI, vol. 17(11), pages 1-23, June.
    5. Ji-Myong Kim & Junseo Bae & Seunghyun Son & Kiyoung Son & Sang-Guk Yum, 2021. "Development of Model to Predict Natural Disaster-Induced Financial Losses for Construction Projects Using Deep Learning Techniques," Sustainability, MDPI, vol. 13(9), pages 1-12, May.
    6. Creemers, Stefan & De Reyck, Bert & Leus, Roel, 2015. "Project planning with alternative technologies in uncertain environments," European Journal of Operational Research, Elsevier, vol. 242(2), pages 465-476.
    7. Bordley, Robert F. & Keisler, Jeffrey M. & Logan, Tom M., 2019. "Managing projects with uncertain deadlines," European Journal of Operational Research, Elsevier, vol. 274(1), pages 291-302.
    8. Pfeifer, Jeremy & Barker, Kash & Ramirez-Marquez, Jose E. & Morshedlou, Nazanin, 2015. "Quantifying the risk of project delays with a genetic algorithm," International Journal of Production Economics, Elsevier, vol. 170(PA), pages 34-44.
    9. Ji-Myong Kim & Taehui Kim & Sungjin Ahn, 2020. "Loss Assessment for Sustainable Industrial Infrastructure: Focusing on Bridge Construction and Financial Losses," Sustainability, MDPI, vol. 12(13), pages 1-16, July.
    10. 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.
    11. Ruth Y. Dicdican & Yacov Y. Haimes, 2005. "Relating multiobjective decision trees to the multiobjective risk impact analysis method," Systems Engineering, John Wiley & Sons, vol. 8(2), pages 95-108.
    12. Guo-Ya Gan & Hsuan-Shih Lee & Yu-Jwo Tao & Chang-Shu Tu, 2021. "Selecting Suitable, Green Port Crane Equipment for International Commercial Ports," Sustainability, MDPI, vol. 13(12), pages 1-19, June.
    13. Edouard Kujawski, 2016. "A Probabilistic Game‐Theoretic Method to Assess Deterrence and Defense Benefits of Security Systems," Systems Engineering, John Wiley & Sons, vol. 19(6), pages 549-566, November.
    14. Nguyen, Trong-Hung & Marmier, François & Gourc, Didier, 2013. "A decision-making tool to maximize chances of meeting project commitments," International Journal of Production Economics, Elsevier, vol. 142(2), pages 214-224.
    15. Kosztyán, Zsolt T. & Pribojszki-Németh, Anikó & Szalkai, István, 2019. "Hybrid multimode resource-constrained maintenance project scheduling problem," Operations Research Perspectives, Elsevier, vol. 6(C).
    16. Alan J. Card & James R. Ward & P. John Clarkson, 2014. "Trust‐Level Risk Evaluation and Risk Control Guidance in the NHS East of England," Risk Analysis, John Wiley & Sons, vol. 34(8), pages 1469-1481, August.
    17. Ioana Filipas Deniaud & François Marmier & Didier Gourc & Sophie Bougaret, 2016. "A risk management approach for collaborative NPD project," Post-Print hal-01591960, HAL.
    18. Gutjahr, Walter J., 2015. "Bi-Objective Multi-Mode Project Scheduling Under Risk Aversion," European Journal of Operational Research, Elsevier, vol. 246(2), pages 421-434.
    19. Juan S. Borrero & Colin Gillen & Oleg A. Prokopyev, 2017. "Fractional 0–1 programming: applications and algorithms," Journal of Global Optimization, Springer, vol. 69(1), pages 255-282, September.
    20. Jiří Skalický & Jiří Vacek & Marek Čech & Martin Januška, 2017. "Project as a System and its Management [Projekt jako systém a jeho řízení]," Acta Informatica Pragensia, Prague University of Economics and Business, vol. 2017(1), pages 4-19.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:opsear:v:59:y:2022:i:1:d:10.1007_s12597-021-00541-5. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.