A risk-return based mathematical model for resource allocation with considering the process resilience and continuity

Document Type : Article

Authors

1 Faculty of Industrial and Systems Engineering, Tarbiat Modares University, Tehran, Iran

2 Industrial Engineering department, Tarbiat Modares University, Tehran, Iran

Abstract

In recent high-risk and changing world, optimal resource allocation is significant, which in case of inappropriate resource allocation, will cause significant damage to organizations. In resource allocation and where there is a lack of resources, it is imperative to processes continue and the process's resilience and the risks posed by these lack and unsuitable allocations. If resource allocation is not done properly or is done in short supply, there will be consequences, e.g., processes do not continue properly or are not resilient, or they will be increase in the risks of the processes. So, addressing the three mentioned issues such as organizational resilience, business continuity, and risks of the operational processes is of great importance in the problem of resource allocation. Also, the lack of integrated attention to the mentioned issues in the modeling of resource allocation in order to process optimization will lead to a decrease in resources’ utilization. Therefore, in this paper, a novel integrated mathematical model has been developed for resource allocation with considering the process resilience and continuity. Thus, the objective functions of the model are defined according to the four measures of optimal resource allocation such as return, risk, resilience and process continuity.

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Scientia Iranica

Articles in Press, Accepted Manuscript
Available Online from 04 October 2023

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