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Authors: Christophe Ponsard 1 ; Fabian Germeau 1 ; Gustavo Ospina 1 ; Jan Bitter 2 ; Hendrik Mende 3 ; René Vossen 2 and Robert 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

ISBN: 978-989-758-381-0

Keyword(s): Project Planning, Risk Analysis, Monte-Carlo Simulation, Analytic Hierarchy Process, Risk Minimisation, Toolset, Case Study.

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 the Open Source Redmine project management tool is also provided. (More)

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Paper citation in several formats:
Ponsard, C.; Germeau, F.; Ospina, G.; Bitter, J.; Mende, H.; Vossen, R. and Schmitt, R. (2019). A Two-phased Risk Management Framework Targeting SMEs Project Portfolios.In Proceedings of the 9th International Conference on Simulation and Modeling Methodologies, Technologies and Applications - Volume 1: SIMULTECH, ISBN 978-989-758-381-0, pages 406-413. DOI: 10.5220/0008119704060413

@conference{simultech19,
author={Christophe Ponsard. and Fabian Germeau. and Gustavo Ospina. and Jan Bitter. and Hendrik Mende. and René Vossen. and Robert H. Schmitt.},
title={A Two-phased Risk Management Framework Targeting SMEs Project Portfolios},
booktitle={Proceedings of the 9th International Conference on Simulation and Modeling Methodologies, Technologies and Applications - Volume 1: SIMULTECH,},
year={2019},
pages={406-413},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0008119704060413},
isbn={978-989-758-381-0},
}

TY - CONF

JO - Proceedings of the 9th International Conference on Simulation and Modeling Methodologies, Technologies and Applications - Volume 1: SIMULTECH,
TI - A Two-phased Risk Management Framework Targeting SMEs Project Portfolios
SN - 978-989-758-381-0
AU - Ponsard, C.
AU - Germeau, F.
AU - Ospina, G.
AU - Bitter, J.
AU - Mende, H.
AU - Vossen, R.
AU - Schmitt, R.
PY - 2019
SP - 406
EP - 413
DO - 10.5220/0008119704060413

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