Modified optimization model for selecting project risk response strategies
Journal Title: Operations Research and Decisions - Year 2017, Vol 27, Issue 2
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 witchboard 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.
Authors and Affiliations
Ewa MARCHWICKA, Dorota KUCHTA
Keywords
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