The risk element transmission theory research of multi-objective risk-time-cost trade-off

Risk management project is an important aspect of general project risk element transmission theory. To solve the multi-objective time-cost trade-off problem considering the risk elements effectively, this paper establishes an analytical model for multi-objective risk-time-cost trade-off problem based on general project risk element transmission theory. We divide risk elements into discrete model and continuous model to be discussed separately, and the two models for multi-objective risk-time-cost trade-off problem are established by taking Markov dynamic PERT network into classical PERT network. Thus, we combine Radial Basis Function (RBF) neural network to solve the discrete model of the problem. Finally, a practical example illustrates the effectiveness of the algorithm. Crown Copyright (C) 2008 Published by Elsevier Ltd. All rights reserved.