Abstract
Successful implementation of construction projects worldwide calls for a set of effective risk management plans in which uncertainties associated with risks and effective response strategies are addressed meticulously. Thus, this study aims to provide an optimization approach with which risk response strategies that maximize the utility function are selected. This selection is by opting for the most appropriate strategies with the highest impact on the project regarding the weight of each risk and budget constraints. Moreover, the risk assessment and response strategy of a construction project in Iran as a case study, based on the global standard of the project management body of knowledge (PMBOK) and related literature, is evaluated. To handle the complexity of the proposed model, different state of the art metaheuristic algorithms including the ant lion optimizer (ALO), dragonfly algorithm (DA), grasshopper optimization algorithm (GOA), Harris hawks optimization (HHO), moth-flame optimization algorithm (MFO), multi-verse optimizer (MVO), sine cosine algorithm (SCA), salp swarm algorithm (SSA), whale optimization algorithm (WOA), and grey wolf optimizer (GWO). These algorithms are validated by the exact solver from CPLEX software and compare with each other. One finding from this comparison is the high performance of MFO and HHO algorithms. Based on some sensitivity analyses, an extensive discussion is provided to suggest managerial insights for real-world construction projects.
Highlights
Project management is critical to successfully completing a mission [1,2]
Works assigned time and budget are among the most significant factors that must be taken to compete with other companies
In today’s evolving society, the methods of significant projects that should be must completed in the compete with other companies
Summary
Project management is critical to successfully completing a mission [1,2]. Project management aims to keep the project on track and find the right balance between cost, time, and quality, which, if not appropriately managed, can lead to serious negative consequences and project failure [3]. Even though systematic risk management’s advantages have been extensively discussed [13,14,15], construction companies, in developing countries, have been slow to adopt it due to a lack of appropriate decision-making processes and tools [16]. This motivates a great deal of interest in developing systematic risk management frameworks [17,18,19,20,21]. The conclusion and managerial insights are explained in the last section
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