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Volume :35 Issue : 2 2008      Add To Cart                                                                    Download

An integrated decision support system for project risk response planning

Auther : SEYED MOHAMMAD SEYEDHOSEINI1, SIAMAK NOORI2, MOHAMMAD ALI HATEFI3

Industrial Engineering Department, Iran University of Science & Technology, Narmak, Tehran 16846-13114, Iran 

Emails: 1 Seyedhoseini@yahoo.com, 2 Snoori@iust.ac.ir, 3 Hatefima@yahoo.com

           

ABSTRACT

In a conventional systematic process of project risk management, after risk assessment is implemented, the risk analysts encounter the phase of assessment and selection of risk Response Actions (RA). The present paper introduces a Decision Support System (DSS) including a modeling approach with the objective of selecting a set of RAs that minimizes the undesirable deviation from achieving the project scope. The developed objective function comprises from the three critical success factors of project namely, time, quality and cost. Furthermore, our methodology allows the inclusion of several risk and response characteristics as the assessment criteria. The conceptual framework of the proposed model has been designed based on the integration among three pivotal pillars i.e., project, risks and responses. We believe that applying the proposed model helps the risk analysts in most effective and productive manner dealing with his complicated project risk management. The application of the proposed model was implemented in the projects in construction industry and showed a tremendous time, cost and quality improvements.

    

Keywords: Project Risk Management; Risk Response Planning; Decision Support System.

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