Developing a Taxonomy of Risk-Mitigating Actions From a Legacy Database of a Large Design Organization
- Additional Document Info
- View All
This paper presents a taxonomy for project-level risk-mitigating actions developed from a large design organizationâTMs risk database. The taxonomy classifies actions according to their purpose and how they are embodied. The taxonomy along with the results of actions recorded in the database can be used to evaluate the effectiveness of different types of riskmitigating actions. A methodology for refining the taxonomy based on analyzing mismatches between different coders using the taxonomy is also given. Because the taxonomy is based on an existing legacy database, this paper discusses related issues such as missing contextual information. Developing this taxonomy will lead to further advances in empirically evaluating the usefulness of different riskmitigating actions. This will allow for better understanding and improved prediction of how different types of risk-mitigating actions affect a project's eventual outcomes such as cost and schedule, leading to future advances in decision-making approaches of risk-mitigating actions in complex environments. Copyright © 2012 by ASME.
author list (cited authors)
Hsiao, C., Ruffino, M., Malak, R., Tumer, I. Y., & Doolen, T.