An optimization framework for risk response actions selection using hybrid ACO and FTOPSIS

Abstract

This paper presents a framework for solving a risk response action selection problem by considering: 1) the impact of risk events on the project objectives, 2) the interactions between risk events, 3) management criteria and preferences. To fulfill these purposes, a framework is developed by combining an optimization-based model with 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 with greater effects on time, cost, and quality. In addition, 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 other management criteria. Finally, the efficiency of the proposed framework is examined by its implementation in a real building construction project. Discussions concerning the case study show that decisionmakers can evaluate more aspects of response actions by using the proposed framework.