Integrated systems engineering and economic analysis models for high reliability operations

Kurt F. McElwain, Michael W. Bromley, Jaime Cantu, Mario G. Beruvides

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Scopus citations

Abstract

Commonly used risk models tend to be static and do not incorporate the feedback of an operating environment. Engineers/Stakeholders are left in the position of being caught between the ideal of reducing risk to the lowest possible level and the reality of having to pay for the barriers and controls that reduce risks. High hazard industries such as high explosives manufacturing operations need a methodology for integrating feedback, economics and risk. The systems analysis being proposed uses causal loops to represent feedback, 20-year life cycle analysis to estimate economic costs and an existing hazard analysis with published risk factors. The model implies that a strong response to weak signals is cost effective and valuable for preventing catastrophic events. The resulting methodology successfully demonstrates that risk and cost models can be linked using systems tools to yield improved decision making.

Original languageEnglish
Title of host publicationIIE Annual Conference and Expo 2015
PublisherInstitute of Industrial Engineers
Pages1195-1204
Number of pages10
ISBN (Electronic)9780983762447
StatePublished - 2015
EventIIE Annual Conference and Expo 2015 - Nashville, United States
Duration: May 30 2015Jun 2 2015

Publication series

NameIIE Annual Conference and Expo 2015

Conference

ConferenceIIE Annual Conference and Expo 2015
CountryUnited States
CityNashville
Period05/30/1506/2/15

Keywords

  • Causal loops
  • Feedback
  • Risk analysis
  • Safety costs
  • System safety

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  • Cite this

    McElwain, K. F., Bromley, M. W., Cantu, J., & Beruvides, M. G. (2015). Integrated systems engineering and economic analysis models for high reliability operations. In IIE Annual Conference and Expo 2015 (pp. 1195-1204). (IIE Annual Conference and Expo 2015). Institute of Industrial Engineers.