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An Integrated Approach for Risk Response Development in Project Planning

I. Ben-David and T. Raz
The Journal of the Operational Research Society
Vol. 52, No. 1 (Jan., 2001), pp. 14-25
Stable URL: http://www.jstor.org/stable/254104
Page Count: 12
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An Integrated Approach for Risk Response Development in Project Planning
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Abstract

The risk response development phase is a major phase in the project risk management process. We present a model that integrates project work contents, risk events, and risk reduction actions and their effects into a comprehensive framework. The model allows the representation of the overlapping effects of multiple risk reduction actions and of the impacts of secondary risk events, and supports the evaluation of the total risk exposure of the project under various combinations of risk reduction actions. The model can be treated with optimisation techniques in order to generate the most cost-effective combination of risk reduction actions. In this work we describe the model, outline a solution procedure and illustrate its application with an example taken from the software industry.

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