Measuring the Effect of Project Risks Based on Shapley Value for Project Risk Response

Project risk response is an important phase in project risk management to ensure project success. In practice, some of risk factors may occur simultaneously and the negative effects of these risk factors are usually no less than the sum of negative effects when they occur separately, which accords with the super-additivity characteristic in cooperative game when the negative effect is seen as the characteristic function. In this paper, we propose a method based on Shapley value to measure the actual effect of risk factors. A numeric example is provided to illustrate the proposed method. The result can be helpful to not only find the optimal/ideal risk response plan, but also provide decision making support for allocating the risk response resources to risk response actions.