Abstract

Selecting the activities for responding to risks is one of the most important stages of project risk management, especially in complex product systems (COPs) development projects. In this study, the index of the risk management effectiveness (IRME) as a quantitative tool for evaluating the efficiency of project risk management is proposed. The simulated annealing (SA) algorithm, which is a local search metaheuristic optimization method is suggested for finding the optimal set of activities for managing the project risks. The goal of the optimization can be maximizing the IRME or minimizing the project realization time or cost. Results of this study help the project manager in finding the most effective set of risk management activities and applying the appropriate changes in project plan.

Authors and Affiliations