A two-phase method based on Markov and TOPSIS for evaluating project risk management strategies

Jiang, Guanjie; Fu, Yaping

doi:10.1109/ccdc.2015.7162248

Cited by 6 publications

(5 citation statements)

References 10 publications

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“…Aziz et al (2018) stated in earlier research, risk communication includes sharing the information and feedback, internal and external to the project about risk activities, current risks and emerging risks. Jiang (2015) brought to notice that risk can dynamically impact the success of the project. Raveendran et al (2022) suggested the concept of Dynamic Risk Analysis (DRA) in complex project management for continuous real-time method to deal with fast changing situations to track dynamic risks.…”

Section: Literature Reviewmentioning

confidence: 99%

Implementation of Quality Risk Management by Application of HOR Method in Drug Development Process

Meshram,

2022

Proceedings of the International Conference on Industrial Engineering and Operations Management

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As global healthcare has faced tremendous focus on the drug development process during the pandemic. During the pandemic, efforts were made to develop drug in couple of months, but every drug development process is bounded by risks. The drug development process tends to be lengthy and exhaustive process. Viewpoint of project management can assist in making the process rational with key milestones. Project risk management is one of the key areas of project, which focuses on quality and risk of project or process. This paper focuses on identifying and mitigating the risks encountered in the drug development process using the quality risk management framework and House of Risk (HOR) Analysis/Method. The study investigates the mitigation of the risks using the appropriate mitigation strategy. The House of Risk (HOR) model involves risk identification and risk mitigation. It enables to identify the risk at each step and mitigate them. The house of risk method ranks the risks and sets the appropriate priority for each of the risks encountered in the drug development process. After identifying the risk, the second phase of the house of risk method is to find the alternatives which can assist in mitigating the risks and consequently ranking them priority-wise. The results show that mitigation strategies determined in the study will enhance the drug development process.

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Section: Literature Reviewmentioning

confidence: 99%

Implementation of Quality Risk Management by Application of HOR Method in Drug Development Process

Meshram,

2022

Proceedings of the International Conference on Industrial Engineering and Operations Management

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“…They provide an application to assess both risks and risk interactions in order to establish priorities for further decision making. Authors in [8] proposed a two phase method focusing on the characteristics of dynamic risk and multi attributes, based on Markov to evaluate risk in the first phase and then TOPSIS for selecting risk management strategy. Authors in [9] established a project risk management method based on Bayesian network model for predicting of job completion time and preventing delay of delivery.…”

Section: Related Work and Motivationmentioning

confidence: 99%

Representing IT Projects Risk Management Best Practices as a Metamodel

Yamami

Ahriz

Mansouri

et al. 2017

Eng. Technol. Appl. Sci. Res.

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Although still relatively new, the field of IT Governance has its own bodies of knowledge that include various methodologies, frameworks and techniques supported by an increasing growing base of research. IT Project Risk Management has since emerged as its own field. Many frameworks and methodologies were proposed by both practitioners and researchers. A review of the literature about the subject shows that there is a divergence between the two. The practitioners propose a set of good practices from professional environment but the heaviness of the proposed guides does not allow its application and adoption by managers or it’s improvement by researchers. Thus it calls for specific focus on IT governance frameworks best practices modelling in order to reach fusion between practitioners and researchers contributions. In this paper, special attention is dedicated to Project Management Institute’s guides. The main objective is representing IT Project Risk Management best practices as a Metamodel in order to complement different areas of knowledge.

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“…Such models have been studied in many different areas within the software engineering context [9], e.g., software test result prediction [15] and system reliability analysis [2]. Also, specifically in IT-projects, Markov models have been used, e.g., risk prediction [5], developer learning [13] and bug-fix prediction [3]. The aim of this study then, is to provide preliminary results of modelling hidden decision-making processes in software engineering projects, based on observed project status data.…”

Section: Introductionmentioning

confidence: 99%

A Stochastic Approach Based on Rational Decision-Making for Analyzing Software Engineering Project Status

Salin

2023

Lecture Notes in Computer Science

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This study presents a novel approach to project status prediction in software engineering, based on unobservable states of decisionmaking processes, utilizing Hidden Markov Models (HMMs). By establishing HMM structures and leveraging the Rational Decision Making model (RDM), we encoded underlying project conditions; observed project data from a software engineering organization were utilized to estimate model parameters via the Baum-Welch algorithm. The developed HMMs, four project-specific models, were subsequently tested with empirical data, demonstrating their predictive potential. However, a generalized, aggregated model did not show any sufficient accuracy. Model development and experiments were made in Python. Our approach presents preliminary work and a pathway for understanding and forecasting project dynamics in software development environments.

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A two-phase method based on Markov and TOPSIS for evaluating project risk management strategies

Cited by 6 publications

References 10 publications

Implementation of Quality Risk Management by Application of HOR Method in Drug Development Process

Implementation of Quality Risk Management by Application of HOR Method in Drug Development Process

Representing IT Projects Risk Management Best Practices as a Metamodel

A Stochastic Approach Based on Rational Decision-Making for Analyzing Software Engineering Project Status

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