Hybrid Approach to Construction Project Risk Management with Simultaneous FMEA/ISO 31000/Evolutionary Algorithms: Empirical Optimization Study

Uncertainty and risks have been the inherent characteristics of large-scale projects. Although practitioners have applied different project risk management standards, numerous uncertainties, and risks in large-scale construction projects have led to significant failures in fulfilling a project's goals. Therefore, in this study, a hybrid approach based on failure mode effects analysis (FMEA)/ISO 31000 has been proposed to identify, evaluate, and control the problem effectively. This hybrid approach is not a very accurate approach in providing an appropriate risk response; hence, a mixed-integer programming (MIP) model has been proposed to select the optimized risk response strategies for the project. In the present study, a model based on synergies among project risk responses was developed that is capable of considering the various criteria in the objective function and optimizing them based on the defined projects. Risk response selection for a large-scale project is a complex problem. Because of the nondeterministic polynomial time (NP)-hardness of the presented model, two metaheuristic algorithms, namely, the self-adaptive imperialist competitive algorithm and invasive weed optimization, were developed to solve the proposed MIP model. A large-scale high-rise residential building was evaluated as a case study to investigate the model proposed in this study empirically.