Abstract
Risk management and control of project risks have been the intrinsic characteristics of high-rise building projects in a changing built environment. In this research, a novel bi-objective model for the best mixture of projects is proposed. The first objective focuses on maximizing profits and efficiency of risk responses, and the second objective aims at minimizing project direct cost including machinery, human, and material costs to implement proper risk responses over a planning horizon under uncertainty. In this model, risks of the projects are controlled by time, quality, and cost constraints, and the most optimum risk response strategies (RRSs) are selected to eliminate or reduce the impacts of the risks. Thus, the combination of optimum projects with the best RRSs can be selected for an organizational portfolio model. Finally, to assess the solution method and the proposed model, the empirical result and sensitivity analysis are carried out. Ten large-scale high-rise building projects and their associated risks are evaluated as cases in this study.
Highlights
The purpose of the risk management framework is to assist the organization in integrating risk management into significant activities and functions
We investigate the trade-off between the total cost of the selected projects including all three types of resources and implanting proper risk responses-and the net profit of the selected projects, and all the approximated risk response effects
It worth noting that the general algebraic modeling system (GAMS) software is used to solve the mathematical model
Summary
The purpose of the risk management framework is to assist the organization in integrating risk management into significant activities and functions. The execution of risk response strategies at the portfolio level involves the establishment of projects within the portfolio’s component programs or as part of continuing operations to address specific opportunities or threats (positive or negative risks) that have either materialized or have. Zhang and Fan [18] integrated all three key elements in project management (i.e., project expenditure, project planning horizon, and project quality) They proposed a new efficient solution for the mathematical model of the RRS. We investigate the trade-off between the total cost of the selected projects including all three types of resources (e.g., human, machine, raw materials) and implanting proper risk responses-and the net profit of the selected projects, and all the approximated risk response effects. Presenting a new two-objective binary mathematical model to choose an optimum portfolio and control risks of the selected projects. Developing a new multi-period, multi-project, and multi-resource model to control risks of the selected projects
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: 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.
