Risk Response Strategies Selection over the Life Cycle of Project Portfolio
Abstract
:1. Introduction
2. Literature Review
2.1. Risk Interdependence in Project Risk Response
2.2. Risk Response Approaches in Project Risk Management
3. Model Construction
3.1. Construction of the Index System
3.2. Construction of the Dynamic Bayesian Network
3.2.1. Structure of the Dynamic Bayesian Network
3.2.2. Parameterization of the Dynamic Bayesian Network
3.3. Construction of the Risk Response Optimization Model
3.3.1. Determining the Objective Function
3.3.2. Identifying the Constraints
3.3.3. Solving the Model
4. Illustrative Example
4.1. Problem Description
4.2. Results and Analysis
5. Discussion
5.1. Theoretical Implication
5.2. Managerial Implication
6. Conclusions
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
Appendix A. F-DBN Model of the PPRs
Appendix B. Expected Losses of the Risks at Each Stage
Ri | Initiation Stage | Planning Stage | Execution Stage | Optimization Stage |
R1 | 1240.32 | 1327.36 | 1240.32 | 935.68 |
R2 | 675.7 | 570.85 | 675.7 | 535.9 |
R3 | 835 | 868.4 | 1018.7 | 718.1 |
R4 | 239.7 | 225.6 | 263.2 | 211.5 |
R5 | 938.35 | 938.35 | 1244.75 | 785.15 |
R6 | 431.95 | 383.05 | 505.3 | 334.15 |
R7 | 991.1 | 916.3 | 1140.7 | 635.8 |
R8 | 344.4 | 301.35 | 319.8 | 276.75 |
R9 | 1103.2 | 1004.7 | 1044.1 | 788 |
R10 | 735 | 690 | 900 | 645 |
R11 | 749.95 | 693.35 | 707.5 | 693.35 |
R12 | 1307.88 | 1162.56 | 1183.32 | 1100.28 |
R13 | 973.61 | 918.5 | 1047.09 | 1083.83 |
R14 | 588 | 441 | 504 | 483 |
R15 | 776.45 | 761.8 | 805.75 | 644.6 |
R16 | 606 | 712.05 | 818.1 | 651.45 |
R17 | 1050.24 | 1115.88 | 1203.4 | 1225.28 |
R18 | 255.75 | 246.45 | 265.05 | 176.7 |
R19 | 626.4 | 591.6 | 672.8 | 603.2 |
Appendix C. Proposed Risk Response Actions and Estimated Costs
Proposed Risk Response Actions | (Million Yuan) | |
Implementing decentralized management and improving the policy-making procedure | 5 | |
Hiring management experts for online instruction | 4 | |
Providing training for project manager | 7 | |
Development of a database | 2 | |
Review the procurement schedule of major equipment according to the plan | 3.55 | |
Introduce professional technical talent | 3.5 | |
Application of contingency reserves (unallocated funds) | 2.8 | |
Developing funding sources, such as fixed-rate loan contracts with lending banks | 6.7 | |
Hire experts or outsourcing modules to third parties | 2 | |
Replace imported equipment with analogous domestic equipment | 3.1 | |
Planning and holding training courses for contractors and employees | 2.4 | |
Developing and implementing a management screening system | 3.6 | |
Improve communication networks and enhance the ability to communicate | 1 | |
Prepare backup persons | 1.5 | |
Training personnel and gaining the loyalty of key personnel | 3.5 | |
Hiring a professional management team | 1 | |
Perform market research and connect with users | 1.5 | |
Hiring a local agent | 7.2 | |
Building the prestige of the critical members and establishing proper values in the team | 5 |
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Category | No. | Risk Factor | Description | Source |
---|---|---|---|---|
Organization Management | R1 | Imbalance among priorities of portfolio projects | Projects are inaccurately prioritized in the project portfolio (PP), including the sequence of project implementation or material distribution. | [40,41] |
R2 | Vague powers and responsibilities of managers | The scope of the rights that the organization manager can exercise is not clear, and the responsibility goal to be undertaken is also not clear. | [32,42] | |
R3 | Unreasonable resource assignment among projects | The limited resources for allocation cannot be reasonably allocated to important projects to achieve maximum benefits. | [14,43] | |
R4 | Weak shared degree of the resource among projects | The coordination and sharing degree of critical materials in the PP is low, resulting in a low material utilization rate. | [32,44] | |
Time Management | R5 | Incompetency to supply raw materials and facilities on time in the PP | The materials needed for project execution could not be delivered on time during the implementation, resulting in delays in PP progress. | [45,46] |
R6 | Low work efficiency of PP personnel | Project workers are work-inefficient due to a lack of technical skills or conflicts with organizational culture, which affects the progress of the PP. | [14,44] | |
Cost Management | R7 | Breakage of the PP funding chain | Financial problems or capital chain disruptions cannot provide adequate funding support for the smooth implementation of the PP. | [47] |
R8 | Poor liquidity of cash flow among projects | The assets cannot be recovered in full as scheduled, and the repayment of due liabilities and new reasonable loans, and other financing needs cannot be met. | [48] | |
R9 | Inappropriate PP budget estimation | Evaluation of the PP economic benefits is improper, and feasibility study results are inaccurate, thus affecting the subsequent management of the portfolio cost. | [44,49] | |
Quality Management | R10 | In-qualified inspection of key facilities in the PP | Key large equipment entrance inspection, site installation, operation specifications, and other processes are unqualified. | [50] |
R11 | Lack of timely and strict quality control | The production links of various projects in the PP lack strict control, and the quality of the project products do not meet the standards. | [14,49] | |
Human Resource Management | R12 | Poor management ability of organizational managers | The manager is unable to manage and monitor the portfolio effectively. | [38,51] |
R13 | Lack of high-quality cooperation between project managers | Project managers do not provide timely share information and resources to facilitate PP team collaboration. | [41,42] | |
R14 | Lack of skilled and inter-project project personnel | Shortage of professional staff who can easily switch between projects to save time and improve project coordination. | [32] | |
R15 | Poor stability of PP management team members | The management team is unstable: management personnel will constantly change, leading to blind or stagnant work handover. | [41] | |
Stakeholder Management | R16 | The conflict among top decision-makers | Conflict among top decision-makers caused by their different interests will affect the correctness of organizational management decisions. | [32,41] |
R17 | Non-consistency between organizational products and consumer demand | Organizational production cannot meet the needs of the market and users, affecting corporate performance and benefits. | [52] | |
R18 | Conflict of interest between the organizational and external stakeholders | Conflicts between organization managers and external stakeholders such as suppliers, regulators, environmentalists, financial organizations, and the media affect the realization of strategic goals. | [32,48] | |
R19 | The conflict between PP managers | PP managers have conflicts due to differences in interest distribution, management concepts, etc. | [41] |
Indicator | Classification | Score | Indicator | Classification | Score |
---|---|---|---|---|---|
Experience time (years) | ≥30 | 5 | Professional position | Senior academic | 5 |
20–29 | 4 | Junior academic | 4 | ||
10-–19 | 3 | Engineer | 3 | ||
6–9 | 2 | Technician | 2 | ||
2–5 | 1 | Worker | 1 | ||
Educational level | PhD | 5 | Age (years) | ≥50 | 5 |
Master | 4 | 40–49 | 4 | ||
Bachelor | 3 | 30–39 | 3 | ||
Higher national diploma | 2 | 25–29 | 2 | ||
School-level | 1 | <25 | 1 |
Experts | Experience Time (Years) | Professional Position | Educational Level | Age | Weight Score | Weight |
---|---|---|---|---|---|---|
Expert 1 | 2–5 | Junior academic | PhD | 25–29 | 1 + 4 + 5 + 2 = 12 | 0.152 |
Expert 2 | 6–9 | Engineer | Master | 25–29 | 2 + 3 + 4 + 2 = 11 | 0.139 |
Expert 3 | 10–19 | Senior academic | PhD | 30–39 | 3 + 5 + 5 + 3 = 16 | 0.203 |
Expert 4 | 10–19 | Engineer | Bachelor | 40-49 | 3 + 3 + 3 + 4 = 13 | 0.165 |
Expert 5 | 6–9 | Junior academic | Master | 30–39 | 2 + 4 + 4 + 3 = 13 | 0.165 |
Expert 6 | ≥30 | Technician | Bachelor | 40–49 | 5 + 2 +3 + 4 = 14 | 0.176 |
Notation | Definition |
---|---|
z | The risk response effect. |
The set of risk response strategies, . | |
The cost of implementing a risk response strategy . | |
The direct risk response effect on risk after implementing a risk response strategy in stage k. | |
The indirect risk response effect to other risks in the subsequent stages (m = k + 1, …. t) after implementing the response strategy deal with in stage k. | |
The indirect risk response effect to other risks in stage k after implementing the risk response strategy deal with in stage k. | |
The budget for implementing risk response strategies at each stage. | |
The expected loss in stage k before implementing the risk response strategy . | |
The risk response effect after implementing a risk response strategy in stage k. | |
The upper bound for expected losses that can be accepted in stage k. | |
The set of all mutually exclusive pairs of strategies. | |
Binary integer decision variables. equals 1 if the is selected in stage k; otherwise, is equal to 0. |
Initiation | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 23.2 |
Planning | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 17.5 |
Execution | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.4 |
Optimization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 3 |
Z | 60,458.98 |
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Zhang, B.; Bai, L.; Kang, S. Risk Response Strategies Selection over the Life Cycle of Project Portfolio. Buildings 2022, 12, 2191. https://doi.org/10.3390/buildings12122191
Zhang B, Bai L, Kang S. Risk Response Strategies Selection over the Life Cycle of Project Portfolio. Buildings. 2022; 12(12):2191. https://doi.org/10.3390/buildings12122191
Chicago/Turabian StyleZhang, Bingbing, Libiao Bai, and Shuyun Kang. 2022. "Risk Response Strategies Selection over the Life Cycle of Project Portfolio" Buildings 12, no. 12: 2191. https://doi.org/10.3390/buildings12122191