Integrated Risk-Based and Economic-Based (IRBEB) Methodology for Selection of Project Alternatives

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Author(s): Yuri Raydugin (Risk Services & Solutions Inc., Canada)
Copyright: 2017
Pages: 11
Source title: Handbook of Research on Leveraging Risk and Uncertainties for Effective Project Management
Source Author(s)/Editor(s): Yuri Raydugin (Risk Services & Solutions Inc., Canada)
DOI: 10.4018/978-1-5225-1790-0.ch021

Keywords: Business & Management / Business Science Reference / Management Science / Risk Management & Analysis

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Abstract

Selection of a most optimal project alternative in early phases of project development is paramount for overall project success. A standard practice is to make the selection based on economic considerations that overlook risk exposure of a selected alternative. Standalone risk evaluation of alternatives cannot ensure that a most optimal alternative is selected either as economic considerations may be overlooked. Moreover, both economic-based and risk-based alternative's selection methodologies cannot guaranty that all viable alternatives have been considered. This chapter introduces integrated risk-based and economic-based (IRBEB) alternative's selection methodology that includes an algorithm to generate a comprehensive set of all viable project alternatives to choose from.

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Integrated Risk-Based and Economic-Based (IRBEB) Methodology for Selection of Project Alternatives

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