A Method for Risk Response Planning in Project Portfolio Management. Issue 1 (February 2020)

• Record Type: Journal Article
• Authors: Ahmadi-Javid, Amir; Fateminia, Seyed Hamed; Gemünden, Hans Georg
• Is Part Of: Project management journal. Volume 51:Issue 1(2020)
• Page Start: 77
• Page End: 95
• Publication Date: 2020-02
• Subjects: modeling and optimization -- portfolio management -- project management -- response planning -- risk management; Project management -- Periodicals; 658.40405
• DOI: 10.1177/8756972819866577
• Languages: English
• ISSNs: 8756-9728

Abstract

To improve the effectiveness of project portfolio risk management, a portfolio-wide approach is required. Implementing a proactive strategy, this article presents a method based on mathematical optimization to select an appropriate set of a priori local and global responses to address risks that threaten a project portfolio considering key factors, such as cost, budget, project preference weights, risk-event probabilities, interdependencies among work packages, and both occurrence and impact dependencies among risk events. As the proposed method has new features compared to the existing methods developed for a single project, it can also be used in project risk management.