An Optimization Framework for Risk Response Actions Selection Using Hybrid ACO and FTOPSIS

What is it about?

This paper presents a framework for solving risk response action selection problem by considering: (1) the impact of risk events on the project objectives, (2) the interactions between risk events and (3) management criteria and preferences

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Why is it important?

a framework is developed by combining an optimization-based model and a Multi Criteria Decision Making (MCDM) approach. First, in the optimization-based model, Ant Colony Optimization (ACO) is used to find the best combination of response actions which have more effects on time, cost and quality. Also, in this model, to overcome the imprecision situation resulting from lack of knowledge or insufficient data, risk parameters are determined using the fuzzy set theory. Moreover, the Design Structure Matrix (DSM) is used to capture the effect of interactions between risk events. Second, the Fuzzy Technique for Order Preference by Similarity to Ideal Solution (FTOPSIS) method is used to analyze the obtained solutions by ACO, based on the other management criteria. Finally, the efficiency of the proposed framework is examined by its implementation in a real building construction project. Discussions through the case study show that using the proposed framework decision makers can evaluate more aspects of response actions.