An integrated framework for the optimization of project risk response plan under resource constraints with genetic algorithm

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6 Scopus citations

Abstract

In this paper we present an original framework for optimizing project risk response plan. The simulation technique is used to model the project risk network and to test the proposed mitigation actions. A genetic algorithm-based model is developed, aimed at choosing response actions and optimizing the allocation of budget reserves dedicated to the risk management. An example of application to a real transportation construction project is presented.

Original languageEnglish
Title of host publicationICQR2MSE 2011 - Proceedings of 2011 International Conference on Quality, Reliability, Risk, Maintenance, and Safety Engineering
Pages856-861
Number of pages6
DOIs
StatePublished - 2011
Externally publishedYes
Event2011 International Conference on Quality, Reliability, Risk, Maintenance, and Safety Engineering, ICQR2MSE 2011 - Xi'an, China
Duration: 17 Jun 201119 Jun 2011

Publication series

NameICQR2MSE 2011 - Proceedings of 2011 International Conference on Quality, Reliability, Risk, Maintenance, and Safety Engineering

Conference

Conference2011 International Conference on Quality, Reliability, Risk, Maintenance, and Safety Engineering, ICQR2MSE 2011
Country/TerritoryChina
CityXi'an
Period17/06/1119/06/11

Keywords

  • complexity
  • genetic algorithm
  • project management
  • resource constraints
  • risk management

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