In the journal article, An optimization method for selecting project risk response strategies, the
authors propose a method for selecting the best risk response strategy for an identified risk. The
method proposed by the authors is one in which three critical elements, project cost, project
schedule, and project quality are used as inputs to decide the most desirable response. The most
desirable solution is presented to the project manager and then decided if it should be acted upon
or investigated further. The model is constructed by making trade-offs between the project
budget, time, and quality according to stake holders.
The success of a project is often judged on three inputs, time, cost, and quality (Gray, Larson &
Desai, 2014). When stake holders are given the estimates before a project begins, the quality and
date of completion is included. When risk occurs, the project may be delayed and the quality of
the project may also be degraded (Zhang & Fan, 2014). In order for a project manager to stop the
degradation of the project quality, they will often times have to spend more of the budget than
planned. This is why the author use time, quality, and cost in their proposed equation. By solving
the proposed equation with the inputs, the most desirable risk response can be obtained if their
equation is used. It should be noted that much of their research was in a lab but they were able to
apply it to a very select number of actual projects with success.
One of the key considerations not directly involved with their equation but, was considered at
length was the work breakdown structure. The work breakdown structure provides the
