Authors:
Christophe Ponsard
1
;
Fabian Germeau
1
;
Gustavo Ospina
1
;
Jan Bitter
2
;
Hendrik Mende
3
;
René Vossen
2
and
Robert H. Schmitt
4
Affiliations:
1
CETIC Research Centre, Charleroi and Belgium
;
2
Institute for Management Cybernetics (IfU), Aachen and Germany
;
3
Fraunhofer Institute for Production Technology (IPT), Aachen and Germany
;
4
Laboratory for Machine Tools WZL RWTH Aachen University, Aachen and Germany
Keyword(s):
Project Planning, Risk Analysis, Monte-Carlo Simulation, Analytic Hierarchy Process, Risk Minimisation, Toolset, Case Study.
Related
Ontology
Subjects/Areas/Topics:
Application Domains
;
Artificial Intelligence
;
Business Analytics
;
Cardiovascular Technologies
;
Computing and Telecommunications in Cardiology
;
Construction Engineering and Project Management
;
Data Engineering
;
Decision Support Systems
;
Decision Support Systems, Remote Data Analysis
;
Discrete-Event Simulation
;
Formal Methods
;
Health Engineering and Technology Applications
;
Informatics in Control, Automation and Robotics
;
Intelligent Control Systems and Optimization
;
Knowledge-Based Systems
;
Planning and Scheduling
;
Risk Analysis
;
Simulation and Modeling
;
Symbolic Systems
Abstract:
Managing project risks is challenging for many enterprises, especially smaller ones, because they generally only have very limited method or tool support, i.e. basic, qualitative and rather short term reaction to the occurrence of risks. This results in higher vulnerability and reduced competitiveness. This paper proposes a risk management framework fitting SMEs needs by providing a way to adequately quantify risks and address them at two levels. First, an Analytical Hierarchy Process (AHP) is used to perform cost-benefit analyses of the possible mitigation actions assessed through Monte-Carlo simulations. Second, an on-line optimisation tool is used to make sure the planning is following the minimal risk path and reschedule mitigation action as soon as a risk has materialised. To address the limited SMEs resources, the core components are provided as Open Source with a clean application programming interface for easing integration with existing tools. A reference integration with th
e Open Source Redmine project management tool is also provided.
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