Application of particle swarm optimization algorithm for adjusting project contingencies and response strategies under budgetary constraints

Reducing negative risk and the associated contingency cost in a project becomes a challenging task for managers. Inadequate and excessive contingency can lead to budget overrun and bidding loss, respectively. In the other hand, lowering the contingency also needs risk-handling cost which will, in turn, be added to project budget. Within limited budget, managers should make an optimum adjustment between reduction of contingency and the increase...