A risk mitigation approach for concurrent engineering projects. (8th July 2008)

• Record Type: Journal Article
• Authors: Kayis, Berman; Ahmed, Ammar; Amornsawadwatana, Sataporn
• Is Part Of: International journal of risk assessment and management. Volume 9:Number 1/2(2008)
• Page Start: 178
• Page End: 196
• Publication Date: 2008-07-08
• Subjects: concurrent engineering -- simultaneous engineering -- project management -- uncertainty -- risk management -- risk mitigation -- Australia -- New Zealand -- IDEF3 -- simulation -- genetic algorithms -- mitigation strategy; Risk assessment -- Periodicals; Risk management -- Periodicals; 361.1
• Languages: English
• ISSNs: 1466-8297

Abstract

Generally, risks are encountered and generate negative outcomes in concurrent engineering (CE) projects including project delays, cost overruns and unacceptable quality. These outcomes can be avoided by establishing a systematic risk management process. In this research, a risk management approach used is outlined, according to Australia and New Zealand risk management standard (AS/NZS 4360: 1999). An IDEF3 model is used to represent the CE project architecture as a process model. A risk assessment and mitigation model is developed to identify, assess and evaluate risks in concurrent engineering projects to suggest a mitigation strategy. Five heuristic rules are implemented in three simulated scenarios and genetic algorithm is bound to generate the most cost-effective solutions. The risk mitigation model developed in this research is aimed to be used as a decision support tool for project managers to select the best mitigation strategy based on the available mitigation budget and objectives of the project.