A risk management-based decision model for a type of dynamic multi-state systems with application on maritime transportation

Author

Xiao, H. ; Roohi, Sh.F. ; Ng, K.M. ; Habibullah, M.S.

Author_Institution

Dept. of Ind. & Syst. Eng., Nat. Univ. of Singapore, Singapore, Singapore

fYear

2010

fDate

2-5 June 2010

Firstpage

1136

Lastpage

1141

Abstract

In this paper, a framework for risk analysis of dynamic multi-state weighted k-out-of-n systems is presented by combining Markov process and Universal Generating Function. The uncertainties in the system demand were considered and optimal management decision is made based on achieved risk and system cost. The use of this approach is illustrated on a case of maritime transportation, which generated promising results on system availability and optimal design.

Keywords

Markov processes; decision theory; risk analysis; transportation; Markov process; dynamic multistate weighted k-out-of-n system; maritime transportation; optimal management decision; risk analysis; risk management based decision model; universal generating function; Availability; Computer industry; Engineering management; High performance computing; Markov processes; Risk analysis; Risk management; Systems engineering and theory; Transportation; Uncertainty; Availability; Markov process; maritime transportation system; multi-state weighted k-out-of-n system; risk management; universal generating function;

fLanguage

English

Publisher

ieee

Conference_Titel

Management of Innovation and Technology (ICMIT), 2010 IEEE International Conference on

Conference_Location

Singapore

Print_ISBN

978-1-4244-6565-1

Electronic_ISBN

978-1-4244-6566-8

Type

conf

DOI

10.1109/ICMIT.2010.5492902

Filename

5492902