Project Management Institute

A Method for Risk Response Planning in Project Portfolio Management

To improve the effectiveness of project portfolio risk management, a portfolio-wide approach is required. Implementing a proactive strategy, this article presents a method based on mathematical optimization to select an appropriate set of a priori local and global responses to address risks that threaten a project portfolio considering key factors, such as cost, budget, project preference weights, risk-event probabilities, interdependencies among work packages, and both occurrence and impact dependencies among risk events. As the proposed method has new features compared to the existing methods developed for a single project, it can also be used in project risk management.
member content locked

Log in or join PMI to gain access

or Join

Advertisement

Advertisement

Related Content

  • Sponsored Research

    Dynamics of New Business Creation

    By Kock, Alexander | Gemünden, Hans Georg | Kaufmann, Carsten The aim of this research project was to explore how innovative firms create new growth paths, and how project management practices can contribute. In addressing this question, we wanted to use a new…

  • Why Great Ideas Fail and How to Make Sure They Don't

    By Vargas, Ricardo Viana | Conforto, Edivandro Carlos | Oumarou, Tahirou Assane To reduce failure rates and successfully deliver strategies in 2020 and beyond, organizations must overcome disruptive forces and flip posing challenges to opportunities and advantages. It all…

  • Pulse of the Profession

    Tomorrow's Teams Today

    By PMI PMI research reveals that it’s the organizations with creative, collaborative and agile teams that will thrive in The Project Economy.

  • PM Network

    All Access

    By Fister Gale, Sarah No more limits. That's the battle cry on everything from construction sites to next-gen digital design as teams look for ways to ensure projects accommodate people with disabilities related to…

  • PM Network

    Disruption Done Right

    By Mustafa, Abid The digital revolution can't be stopped—but it can stop organizations. According to a 2019 global survey by Couchbase, 81 percent of enterprises had a digital transformation project fail, suffer…

Advertisement