A risk and decision model for the optimal investment in plant protection

Author

Pininski, Eugene J. ; de Klerk, Antonie M.

Author_Institution

Fac. of Eng., Pretoria Univ., South Africa

fYear

1997

fDate

27-31 Jul 1997

Firstpage

856

Lastpage

860

Abstract

There is continual concern within the power generation industry as to how well a plant is being protected against failure and damage. This industry constitutes an environment in which high risk of plant failures as well as adverse consequences exist. Providing information as to the performance of the plant is important in reducing these risks as well as deciding what mitigating action to take. This paper provides a methodology and model with which to assess the value of the plant protection system and the information it provides. The discipline of decision analysis is used to develop a model to determine the optimal investment in protection equipment, and also takes into account risk preference

Keywords

electricity supply industry; investment; management; power stations; power system protection; risk management; damage protection; decision analysis; decision model; failure protection; optimal protection investment; plant protection; power generation industry; protection equipment; risk averse case; risk model; risk neutral; risk preference; sensitivity analysis; Failure analysis; Information analysis; Information resources; Investments; Power engineering and energy; Power generation; Power system protection; Risk analysis; Risk management; Technology management;

fLanguage

English

Publisher

ieee

Conference_Titel

Innovation in Technology Management - The Key to Global Leadership. PICMET '97: Portland International Conference on Management and Technology

Conference_Location

Portland, OR

Print_ISBN

0-7803-3574-0

Type

conf

DOI

10.1109/PICMET.1997.653670

Filename

653670