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Risk response of complex projects: Risk association network method

journal contribution
posted on 06.09.2021, 21:22 by Lin Yang, Jiaming Lou, Xianbo ZhaoXianbo Zhao
A complex project, which has been recognized as a complex system with intricate interactions among organizations, is inevitably plagued with diverse risks and has fuzzy risk boundaries. Risk systems emerging from organizations and their interactions cannot be accounted for by traditional risk management theory. Research concerning risk response strategies that focus on these areas is urgently required. Through literature review and case analysis, 78 complex project organization-associated risks were identified. Three rounds of brainstorming meetings were used to collect risk association data from nine professional senior engineers participating in the construction process for complex projects within the last decade. The data were processed to model the complex network of complex project risk association. Targeted immunization and improved acquaintance immunization were applied to risk network of specific complex projects to empirically analyze changes in network density, helping to determine the optimal immunization strategy, including identification of critical risks and prevention of abnormal risk-associated transmission. Results demonstrated the feasibility and superiority of the model and the applicability of the response strategies developed. This research develops, for the first time, a list of complex project risks as well as a risk association complex-network model that is applicable to engineering practice, thus providing theoretical support for risk management in complex projects and an understanding of risk response strategies for decision makers.

History

Volume

37

Issue

4

Start Page

05021004-1

End Page

05021004-15

Number of Pages

15

eISSN

1943-5479

ISSN

0742-597X

Publisher

American Society of Civil Engineers

Language

en

Peer Reviewed

Yes

Open Access

No

Acceptance Date

18/12/2020

External Author Affiliations

Wuhan University, China

Era Eligible

Yes

Journal

Journal of Management in Engineering

Article Number

(ASCE)ME.1943-5479.0000916