Abstract
Based on earlier work on risk quantification, a new risk mitigation methodology is developed for new product and process design in concurrent engineering projects. First the most prominent risks in the product life cycle are identified and quantified. Then five computational algorithms are developed and used to find feasible solutions for mitigating these risks: Least-Cost-First, Highest-Risk-First, Minimum-Cost-Risk-Ratio- First, Random-Search and a Genetic Algorithm. Based on the available mitigation budget and strategic objectives of the project the best mitigation strategy is then recommended to the project managers. Actual financial outcomes of an industry project were used to successfully validate the methodology.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.