Rahimi, Y; Tavakkoli-Moghaddam, R; Iranmanesh, S H and Vaez-Alaei, M (2018) Hybrid approach to construction project risk management with simultaneous FMEA/ISO 31000/evolutionary algorithms: Empirical optimization study. Journal of Construction Engineering and Management, 144(6): 04018043, ISSN 0733-9364
Abstract
Uncertainty and risks have been the inherent characteristics of large-scale projects. Although practitioners have applied different project risk management standards, numerous uncertainties, and risks in large-scale construction projects have led to significant failures in fulfilling a project's goals. Therefore, in this study, a hybrid approach based on failure mode effects analysis (FMEA)/ISO 31000 has been proposed to identify, evaluate, and control the problem effectively. This hybrid approach is not a very accurate approach in providing an appropriate risk response; hence, a mixed-integer programming (MIP) model has been proposed to select the optimized risk response strategies for the project. In the present study, a model based on synergies among project risk responses was developed that is capable of considering the various criteria in the objective function and optimizing them based on the defined projects. Risk response selection for a large-scale project is a complex problem. Because of the nondeterministic polynomial time (NP)-hardness of the presented model, two metaheuristic algorithms, namely, the self-adaptive imperialist competitive algorithm and invasive weed optimization, were developed to solve the proposed MIP model. A large-scale high-rise residential building was evaluated as a case study to investigate the model proposed in this study empirically.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | evolutionary algorithms; mixed-integer programming; risk management; risk response strategy |
| Index terms: | failure mode, high-rise residential building, practitioner, case study, project risk management, evolutionary algorithm, risk response, ISO, risk management, risk response strategy, synergy, construction project, integer programming |
| Subjects: | algorithms, production management, standards development, practitioner, risk assessment, data collection methods, construction type, financial risk, partnership management, reliability engineering |
| Topics: | Roles and Professions, Construction Technology, Digital Applications, Quality Management, Research Practice, Engineering Principles, Risk Management, Stakeholder Management, Project Management, Cost Management |
| Descriptive scope: | 4 PCEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here