By a News Reporter-Staff News Editor at Journal of Technology -- Investigators publish new report on Project Management. According to news reporting from Shenyang, People's Republic of China, by VerticalNews journalists, research stated, "There is wide agreement that the risk response strategy selection is an important issue in project risk management (PRM). Some academic researchers have paid attention to this issue."
The news correspondents obtained a quote from the research from Northeastern University, "This paper proposes a novel method for solving the risk response strategy selection problem in PRM. In the method, an optimization model is developed, which integrates three critical elements that are the project cost, project schedule and project quality. By solving the model, the optimal solution could be obtained so that the most desirable risk response strategies to cope with the risk events can be determined. If the optimal solution is not found or project managers are not satisfied with the solution, another pathway can be used to support the managers to get the desirable strategies. The pathway is based on an iterative process which involves making trade-offs between the project budget, time and quality according to objective requirements and managers' judgments. The iterative process comes to an end if the objectives predefined by the managers are reached."
According to the news reporters, the research concluded: "A simple example project is also provided to illustrate the practicality and usefulness of the proposed method."
For more information on this research see: An optimization method for selecting project risk response strategies. International Journal of Project Management, 2014;32(3):412-422. International Journal of Project Management can be contacted at: Elsevier Sci Ltd, The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, Oxon, England. (Elsevier - www.elsevier.com; International Journal of Project Management - www.elsevier.com/wps/product/cws_home/30435)
Our news journalists report that additional information may be obtained by contacting Y. Zhang, Northeastern Univ, Sch Business Adm, Dept. of Management Sci & Engn, Shenyang 110819, People's Republic of China.
Keywords for this news article include: Asia, Shenyang, Project Management, People's Republic of China
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