Optimization Approaches in Selecting Project Risk Response Strategies

Project risk management is a fundamental component of the project management process that provides the foundation for enhancing reliability indices, improving safety assessment criteria, and increasing the overall probability of project success. Among its various dimensions, risk response management plays a crucial role, as it directly addresses the measures required to mitigate, transfer, accept, or avoid risks after they have been identified and assessed. While a significant body of research has focused on risk identification, classification, and evaluation, fewer studies have systematically investigated practical tools and methodologies related to risk response strategies. Existing evidence suggests that merely identifying and assessing risks, without designing and implementing appropriate response strategies, fails to ensure project resilience and may even exacerbate vulnerabilities in critical phases of project execution. Therefore, a structured and comprehensive review of previous studies on project risk response strategies is essential to consolidate current knowledge, identify methodological gaps, and provide guidance for practitioners and researchers. The present review seeks to analyze the state of the art in risk response management, highlight the progress achieved in selecting optimal strategies, and explore their implications for enhancing efficiency, cost control, and sustainability in diverse project environments. By mapping the existing literature, this study aims to advance theoretical understanding and contribute practical insights for strengthening project risk management systems.

Keywords:

Risk Response , Optimization model , Risk response strategy , Risk Response Management , Risk Dependencies