Budget allocation decisions for project risk response

Kybernetes ◽  
2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Yao Zhang ◽  
Xin Guan
Keyword(s):  
Optimization Model ◽  
Fault Tree ◽  
Critical Issue ◽  
Inadequate Response ◽  
Expected Loss ◽  
Project Risk ◽  
Content Type ◽  
Risk Response ◽  
Total Budget ◽  
Risk Protection

Purpose The purpose of this paper is to propose a method integrating fault tree analysis and optimization model to allocate response budget from the preventive and protective perspectives. Design/methodology/approach The proposed method consists of two main steps. The first step is to analyze and calculate the probability and the loss of the risk. The second step is to build an optimization model for allocating response budget. Findings First, there exists an optimal response budget. Second, risk protection is preferred to risk prevention when the total budget is limited. Third, the protective budget should be first invested for the consequence event with greatest expected loss. Fourth, the preventive budget should be first allocated to the risk cause with highest occurrence probability that belongs to the OR set in the fault tree. Practical implications Managerially, our results indicate that project managers (PMs) should make a tradeoff between the budget invested for risk response and reduced expected loss of the risk. Then, in the case of inadequate response budget, PMs should pay more attention to risk protection and cope with the event that can cause severe loss. In addition, under this circumstance, PMs had to better allocate the risk preventive budget in proper order. Originality/value Project risk response is a critical issue in project risk management as PMs can take actions actively to cope with project risks in this phase. Effective risk response, in general, requires financial support in practice, and reasonable allocation of the total budget among risk response strategies can produce better response effects.

Research on project risk response strategy selection based on grey K-shell algorithm

2020 ◽  
Vol 10 (4) ◽  
pp. 425-438
Author(s):  
Yanfeng Chu ◽  
Zhongren Wang
Keyword(s):  
Risk Factors ◽  
Project Managers ◽  
Selection Model ◽  
Response Strategy ◽  
Strategy Selection ◽  
Project Risk ◽  
Content Type ◽  
Risk Response ◽  
Response Strategies ◽  
Complex Project

Purpose There are a large number of interdependent risk factors in complex project. Risk response strategy without considering risk correlation cannot achieve good risk response. Therefore, the purpose of this paper is to propose a risk response strategy selection model considering risk correlation based on the grey K-shell algorithm. Design/methodology/approach This paper mainly focuses on the measurement of two aspects of risk factors. One is the ability of the risk factors to influence other risk factors, another is the degree affected by other risk factors. Both of the above are measured by the grey K-shell algorithm improved in this paper, and the weights of these are used for the constructing of risk response strategy selection model. Findings The risk response strategy considering risk relevance is more effective than the risk response strategy without considering risk relevance. Also, results indicate that as the risk response budget increases the risk response effect also increases, and the increasing trend is weakens. The relative gap between the effect of response strategies considering risk relevance and the strategy without considering risk relevance increases first and, then, decreases with the increase of budget. Originality/value The results of this paper demonstrate that the risk response strategy considering risk relevance is more effective than not considering risk relevance. The approach presented in this paper can guide project managers’ risk decisions and may also help to find the best risk response budget.

An empirically verified project risk maturity model

2014 ◽  
Vol 7 (2) ◽  
pp. 263-284 ◽  
Author(s):  
Budi Hartono ◽  
Deo F.N. Wijaya ◽  
Hilya M. Arini
Keyword(s):  
Construction Industry ◽  
Convergent Validity ◽  
Discriminant Validity ◽  
Face Validity ◽  
Maturity Model ◽  
Maturity Level ◽  
Cross Sectional Survey ◽  
Project Risk ◽  
Content Type ◽  
Risk Maturity

Purpose – The purpose of this paper is to develop and to empirically verify a model of project risk management maturity (PRMM). Design/methodology/approach – Theoretical work to develop the initial model of risk maturity. Empirical study by a cross-sectional survey to the Indonesian construction industry. Findings – A new model of PRMM is developed and empirically tested. The model is valid (face validity, content validity, discriminant validity, convergent validity, and criterion validity) and reliable. Research limitations/implications – A more comprehensive, follow-up study is required to gain more insights on the actual maturity level of Indonesian construction industry. Practical implications – The model is applicable to assess the organizational maturity level which in turn could be used for improving organization performance. Originality/value – The work demonstrates a novel approach in developing models by emphasizing on the empirical verification.

An optimal scheduling policy for upgraded software with updates

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Adarsh Anand ◽  
Subhrata Das ◽  
Mohini Agarwal ◽  
Shinji Inoue
Keyword(s):  
Cost Analysis ◽  
Optimization Model ◽  
Real Life ◽  
Economic Benefits ◽  
Release Time ◽  
Analysis Model ◽  
Content Type ◽  
Software Upgrades ◽  
Stop Time ◽  
Combined Use

PurposeIn the current market scenario, software upgrades and updates have proved to be very handy in improving the reliability of the software in its operational phase. Software upgrades help in reinventing working software through major changes, like functionality addition, feature enhancement, structural changes, etc. In software updates, minor changes are undertaken which help in improving software performance by fixing bugs and security issues in the current version of the software. Through the current proposal, the authors wish to highlight the economic benefits of the combined use of upgrade and update service. A cost analysis model has been proposed for the same.Design/methodology/approachThe article discusses a cost analysis model highlighting the distinction between launch time and time to end the testing process. The number of bugs which have to be catered in each release has been determined which also consists of the count of latent bugs of previous version. Convolution theory has been utilized to incorporate the joint role of tester and user in bug detection into the model. The cost incurred in debugging process was determined. An optimization model was designed which considers the reliability and budget constraints while minimizing the total debugging cost. This optimization was used to determine the release time and testing stop time.FindingsThe proposal is backed by real-life software bug dataset consisting of four releases. The model was able to successfully determine the ideal software release time and the testing stop time. An increased profit is generated by releasing the software earlier and continues testing long after its release.Originality/valueThe work contributes positively to the field by providing an effective optimization model, which was able to determine the economic benefit of the combined use of upgrade and update service. The model can be used by management to determine their timelines and cost that will be incurred depending on their product and available resources.

Afghan curfew is inadequate response to Taliban surge

2021 ◽  
Keyword(s):  
Inadequate Response ◽  
Content Type

Headline AFGHANISTAN: Curfew will not constrain Taliban advance

Optimization design of drive system for industrial robots based on dynamic performance

2017 ◽  
Vol 44 (6) ◽  
pp. 765-775 ◽  
Author(s):  
LianZheng Ge ◽  
Jian Chen ◽  
Ruifeng Li ◽  
Peidong Liang
Keyword(s):  
Optimization Model ◽  
Optimization Problem ◽  
Industrial Robot ◽  
Dynamic Performance ◽  
System Optimization ◽  
Drive System ◽  
Industrial Robots ◽  
Mixed Integer ◽  
Light Weight ◽  
Content Type

Purpose The global performance of industrial robots partly depends on the properties of drive system consisting of motor inertia, gearbox inertia, etc. This paper aims to deal with the problem of optimization of global dynamic performance for robotic drive system selected from available components. Design/methodology/approach Considering the performance specifications of drive system, an optimization model whose objective function is composed of working efficiency and natural frequency of robots is proposed. Meanwhile, constraints including the rated and peak torque of motor, lifetime of gearbox and light-weight were taken into account. Furthermore, the mapping relationship between discrete optimal design variables and component properties of drive system were presented. The optimization problem with mixed integer variables was solved by a mixed integer-laplace crossover power mutation algorithm. Findings The optimization results show that our optimization model and methods are applicable, and the performances are also greatly promoted without sacrificing any constraints of drive system. Besides, the model fits the overall performance well with respect to light-weight ratio, safety, cost reduction and others. Practical implications The proposed drive system optimization method has been used for a 4-DOF palletizing robot, which has been largely manufactured in a factory. Originality/value This paper focuses on how the simulation-based optimization can be used for the purpose of generating trade-offs between cost, performance and lifetime when designing robotic drive system. An applicable optimization model and method are proposed to handle the dynamic performance optimization problem of a drive system for industrial robot.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

Learning together and working apart: routines for organizational learning in virtual teams

2017 ◽  
Vol 24 (3) ◽  
pp. 138-149 ◽  
Author(s):  
Nancy Dixon
Keyword(s):  
Organizational Learning ◽  
Virtual Teams ◽  
Virtual Team ◽  
Critical Issue ◽  
Future Research ◽  
Information Industry ◽  
Content Type ◽  
Face To Face ◽  
Virtual Teaming

Purpose Research suggests that teaming routines facilitate learning in teams. This paper identifies and details how specific teaming routines, implemented in a virtual team, support its continual learning. The study’s focus was to generate authentic and descriptive accounts of the interviewees’ experiences with virtual teaming routines. Design/methodology/approach This case study gathered concrete, practical and context-dependent knowledge about virtual teaming routines in a specific environment. The main source of data was narrative expert interviews with working members of the team. Findings This study illustrates how a mix of face-to-face and virtual routines can ensure organizational learning in virtual teams. Research limitations/implications This case study is limited to one virtual team in the information industry. Future research could build on this research to study virtual teams in other industries. Practical implications This research offers specific examples of teaming routines that managers of virtual teams might adapt in managing their own teams. Social implications Given that the use of virtual teams is a growing phenomenon, understanding how to help those teams learn effectively is a critical issue. Originality/value This case study extends the research on teaming routines to virtual teams.

Modeling bid/no bid decisions using fuzzy fault tree

2018 ◽  
Vol 18 (1) ◽  
pp. 90-108 ◽  
Author(s):  
Mohamed Marzouk ◽  
Emad Mohamed
Keyword(s):  
Fault Tree ◽  
The Body ◽  
Final Decision ◽  
Extensive Literature ◽  
Willingness To Participate ◽  
Tree Model ◽  
Content Type ◽  
Proposed Model ◽  
Multiple Experts ◽  
Two Stages

Purpose Decisions by construction contractors to bid (or not to bid) require the thorough assessment and evaluation of factors relevant to the decision, as well as the quantification of their combined impact, to produce successful bid/no-bid decisions. The purpose of this study is to present a fuzzy fault tree model to assist construction contractors to more efficiently bid for future projects. Design/methodology/Approach The proposed model consist of two stages: first, identification of the factors that affect bidding decision using a questionnaire survey after an extensive literature review, and second, usage of the identified factors to build a fuzzy fault tree model to simulate the bidding decision. Findings A list of 15 factors that affect bid/no-bid decisions was identified. Analysis of factors revealed that the highest-ranking factors were related to financial aspects of the project. A case study is presented to demonstrate the capabilities of the model, and a fuzzy important analysis is performed on the basic events to demonstrate the differences between three contractors’ bid/no-bid decisions. The results reveal that there is variation between the decisions of each contractor based on their willingness to participate. Besides, the influence of evaluation factors on the final decision for each contractor is different. Originality/value The study contributes to the body of knowledge on tendering and bidding practices. The proposed model incorporated the fuzzy set theory, which suits human subjectivity. The proposed methodology overcomes the limitations of previous models as it can, using the linear pool opinion principle, combine and weigh the evaluations of multiple experts. In addition, the model is convenient for situations where historical data are not available.

Women and expatriate assignments

2016 ◽  
Vol 38 (2) ◽  
pp. 200-223 ◽  
Author(s):  
Arup Varma ◽  
Linda Russell
Keyword(s):  
Organizational Support ◽  
Multinational Enterprises ◽  
Process Model ◽  
Theoretical Perspective ◽  
Critical Issue ◽  
Critical Determinant ◽  
Content Type ◽  
Female Employees ◽  
Expatriate Assignments ◽  
The Impact

Purpose – The purpose of the paper is twofold – first, to explore the role of perceived organizational support (POS) during the three critical stages of the female expatriate experience, with a view to explaining the disproportionately low numbers of females in expatriate roles; and second, to offer specific suggestions to multi-national enterprises to help them create a level playing field so females can compete for expatriate assignments. Design/methodology/approach – The authors draw upon the theory of POS to explore how the perceived lack of support from their organization during the critical stages of expatriate assignments affects women’s interest, and potentially their performance, in expatriate assignments. The authors develop and present relevant propositions. Findings – This is a conceptual paper that offers a process model of the impact of POS on the three stages of selection of females for expatriates. Research limitations/implications – From a theoretical perspective it is clear that POS can play an important role in the willingness of females to accept international assignments. Thus POS can be a critical determinant of the potential levels of female participation in expatriate assignments. Previously, scholars have argued that the low numbers of female expatriates may be a result of a lack of interest on their part, or because they may not be welcomed in many countries. However, subsequent theses have argued, and many studies have shown, that females can be equally successful. The proposed process model helps to better understand how organizations might dismantle the barriers faced by potential female expatriates, by addressing the key issues at each stage. Practical implications – Multinational enterprises need to ensure that they are drawing from their full pool of talent, if they are to compete effectively against other multinational enterprises. By paying attention to the suggestions, and adopting and executing the propositions, they will be able to avoid the possibility that their qualified female employees may withdraw from the organization if they believe that they are not likely to be considered for expatriate assignments, simply because of their gender, even though they are interested. Social implications – From a societal perspective, it is indeed critical that qualified females are provided the same opportunities that are made available to males. Given that roughly half the population is female, multi-national enterprises that fail to treat their female employees fairly will be seen as poor corporate citizens. Originality/value – This is the first paper to address the critical issue of low numbers of females on expatriate assignments by drawing upon the tenets of the theory of POS. The authors offer several propositions to help multinational enterprises understand the impact of the gender imbalance in expatriate assignments, and offer suggestions on how organizations might improve the participation of females in expatriate assignments.

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