Applying Importance Measures to Risk Analysis in Engineering Project Using a Risk Network Model

Chao Fang · Franck Marle · Min Xie

38 citations0/0 files storedIEEE Systems Journal

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Risk and Safety Analysis Construction Project Management and Performance Reliability and Maintenance Optimization

Abstract

Risk analysis and prioritization are a key process in project risk management (PRM). Its outcomes serve as input of the risk response planning process where decisions are made. Complexity of projects is characterized by the emergence of phenomena that are difficult to detect and to manage using classical methods. It may disturb risk assessment, on which priorities are further established. This paper aims at using importance measure (IM) techniques in the complex PRM field. This involves modeling the complex project risk network and providing complementary analysis results based on risk IMs accounting for risk interactions. These new project risk indicators allow the manager for a more comprehensive understanding of the risks. An application to a complex engineering project is provided to illustrate this approach to assess both risks and risk interactions, to establish priorities for further decision making.

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References

1980The analytic hierarchy process : planning, priority setting, resource allocation 1996A Guide to the project management body of knowledge 2000Risk Analysis: A Quantitative Guide 2001Applying the design structure matrix to system decomposition and integration problems: a review and new directions 1996The concept of project complexity—a review 2008What's Wrong with Risk Matrices?2009The Failure of Risk Management: Why It's Broken and How to Fix It 2004Change and customisation in complex engineering domains

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