AN OPTIMAL MODEL FOR PROJECT RISK RESPONSE PORTFOLIO SELECTION (P2RPS) (CASE STUDY: RESEARCH INSTITUTE OF PETROLEUM INDUSTRY)

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SOOFIFARD RAHMAN; KHAKZAR BAFRUEI MORTEZA

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Journal: Interdisciplinary Journal of Management Studies Year:2016 | Volume:9 | Issue:4 Page(s): 741-765

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Title

AN OPTIMAL MODEL FOR PROJECT RISK RESPONSE PORTFOLIO SELECTION (P2RPS) (CASE STUDY: RESEARCH INSTITUTE OF PETROLEUM INDUSTRY)

Author(s)

SOOFIFARD RAHMAN | KHAKZAR BAFRUEI MORTEZA | Issue Writer Certificate

Keywords

ε-CONSTRAINT

RESPONSE SYNERGISM

RISK MANAGEMENT

RISK RESPONSES

Abstract

In the real world, risk and uncertainty are two natural properties in the implementation of Mega projects. Most projects fail to achieve the pre-determined objectives due to uncertainty. A linear integer programming optimization model was used in this work to solve a problem in order to choose the most appropriate RISK RESPONSES for the project risks. A mathematical model, in which work structure breakdown, risk occurrences, risk reduction measures, and their effects are clearly related to each other, is proposed to evaluate and select the project RISK RESPONSES. The model aims at optimization of defined criteria (objectives) of the project. Unlike similar previous studies, in this study, the relationship between RISK RESPONSES during implementation has been considered. The model is capable of considering and optimizing different criteria in the objective function depending on the kind of project. In addition, a case study related to petroleum projects is presented, and the corresponding figures are analyzed.

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APA: Copy

SOOFIFARD, RAHMAN, & KHAKZAR BAFRUEI, MORTEZA. (2016). AN OPTIMAL MODEL FOR PROJECT RISK RESPONSE PORTFOLIO SELECTION (P2RPS) (CASE STUDY: RESEARCH INSTITUTE OF PETROLEUM INDUSTRY). IRANIAN JOURNAL OF MANAGEMENT STUDIES, 9(4), 741-765. SID. https://sid.ir/paper/713836/en

Vancouver: Copy

SOOFIFARD RAHMAN, KHAKZAR BAFRUEI MORTEZA. AN OPTIMAL MODEL FOR PROJECT RISK RESPONSE PORTFOLIO SELECTION (P2RPS) (CASE STUDY: RESEARCH INSTITUTE OF PETROLEUM INDUSTRY). IRANIAN JOURNAL OF MANAGEMENT STUDIES[Internet]. 2016;9(4):741-765. Available from: https://sid.ir/paper/713836/en

IEEE: Copy

RAHMAN SOOFIFARD, and MORTEZA KHAKZAR BAFRUEI, “AN OPTIMAL MODEL FOR PROJECT RISK RESPONSE PORTFOLIO SELECTION (P2RPS) (CASE STUDY: RESEARCH INSTITUTE OF PETROLEUM INDUSTRY),” IRANIAN JOURNAL OF MANAGEMENT STUDIES, vol. 9, no. 4, pp. 741–765, 2016, [Online]. Available: https://sid.ir/paper/713836/en

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