ADVANCED RISK MANAGEMENT PRACTICES – THE APPLICATION OF THE EXACT SOLUTIONS METHODS FOR RESILIENCE FACTORS IMPROVEMENT

Abstract

In the context of organizational resilience, branch and bound algorithms can be leveraged to determine the most suitable management techniques from a set of options, considering factors such as cost and time constraints. This paper presents a novel approach for assessing the suitability of methods aimed at improving organizational resilience factors. The proposed algorithm integrates fuzzy logic and exact solutions methods. The algorithm comprises several steps, including fuzzy rating of method suitability, determination of aggregate suitability values and assessment of method application costs. Furthermore, a multidimensional optimization problem is formulated to maximize the overall effectiveness of selected methods while considering budgetary constraints. To efficiently navigate the solution space and identify near-optimal solutions, a Branch and Bound algorithm is employed. The proposed framework offers a comprehensive methodology for decision-makers to make informed choices regarding method selection and resource allocation for business process improvement initiatives. Experimental results demonstrate the efficacy and practical applicability of the proposed approach in real-world scenarios.