Engineering

Project portfolio management

Computer security

Portfolio

Project management triangle

Systems engineering

Risk assessment

Set (abstract data type)

Computer science

Risk analysis (engineering)

Management science

Business

Application portfolio management

Mechanical engineering

Operations research

Risk management plan

Political science

Work (physics)

Project management

Risk management

IT risk management

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Portfolio optimization

Finance

Project risk management

Interdependence

Key (lock)

Project Management Journal

To improve the effectiveness of project portfolio risk management, a portfolio-wide approach is required. Implementing a proactive strategy, this article presents a method based on mathematical optimization to select an appropriate set of a priori local and global responses to address risks that threaten a project portfolio considering key factors, such as cost, budget, project preference weights, risk-event probabilities, interdependencies among work packages, and both occurrence and impact dependencies among risk events. As the proposed method has new features compared to the existing methods developed for a single project, it can also be used in project risk management.

A Method for Risk Response Planning in Project Portfolio Management