Title :
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
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;
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
DOI :
10.1109/ICMIT.2010.5492902
