A multi-objective model for selecting response strategies of primary and secondary project risks under interval-valued fuzzy uncertainty

• Published in: Applied soft computing 2024-07, Vol.160, p.111679, Article 111679
• Main Authors: Ahmadi, Elham, Mousavi, Seyed Meysam, Khojasteh Eghbali, Samira
• Format: Article
• Language: English
• Subjects: Extended multi-choice goal programming; Interval-valued fuzzy sets; Multi-objective mathematical model; Primary and secondary risks; Project risk management; Risk response strategies
• ISSN: 1568-4946; 1872-9681
• DOI: 10.1016/j.asoc.2024.111679

Risks are uncertain events that can affect criteria such as project cost, quality, and completion time and ultimately lead to project failure. That is why the project risk management process, which is one of the most fundamental parts of project management, must be done properly. In this paper, a new multi-objective fuzzy model is proposed to respond appropriately to the primary and secondary project risks. The contributions, such as risk interdependency, considering the project with multi-mode activities, resource considerations, as well as attention to interval-valued fuzzy uncertainties are regarded simultaneously for the first time. The purpose of the proposed multi-objective mathematical model is to minimize cost, quality reduction, and project completion time. Then, a new two-stage uncertain solution approach is introduced in this paper. In this solution approach, using an equivalent method in the first step and then using an extended multi-choice goal programming method in the second step, for both lower and upper limits of the membership functions for interval-valued fuzzy numbers, the computational processes are performed. To show the application and effectiveness of the proposed model, a case study adapted from the literature is given. Finally, sensitivity analysis is conducted to analyze the behavior of the developed mixed-integer programming model. The analysis of obtained results indicates that the utilization of the proposed model leads to better and more appropriate solutions. •Presenting a new multi-objective programming model for project risk responses.•Proposing multi-mode activity and resource considerations in project risk modeling.•Introducing a new interval-valued fuzzy solution approach to handle uncertainty.•Focusing on primary and secondary risks along with project risk interdependency.•Implementing the proposed model in a case study for electricity industry projects.