Risk based decision making approach

Risk based decision making approach: Developed for international shipping domain by adapting from asset management in energy infrastructures

Ravulakollu, Anil (TU Delft Technology, Policy and Management)

Tan, Yao-hua (mentor)
Hakvoort, Rudi (mentor)
Enserink, Bert (mentor)
Rukanova, Boriana (mentor)
Warnier, Martijn (graduation committee)

Delft University of Technology

Engineering and Policy Analysis

2017-08-23

Today, shipping industry is a complex system involving multiple actors, multiple interests and intricate interactions occurring at different levels.With any disruption to interaction occurring there would be multiple impacts and accumulation of costs on individual actors operating in the system.Unless these risks are well understood and prioritized based on the situational demands, the businesses will find it difficult operate in such complex actor-intensive system.In energy industry, Risk Based optimization (RBO) approach has been in use to manage the large infrastructures and multiple assets. RBO approach has been effective in identifying and prioritising the risks affecting the performance of the assets.Research was thus taken up to investigate this idea and thereby to develop a risk based decision making (RBDM) approach for international shipping domain. Further, to improve visibility in supply chain, development of a large scale Digital Trade Infrastructure (DTI) called Data Pipeline is in progress under the project called CORE. This research also tried to evaluate the extent to which both the concepts could reinforce each other and improve the supply chain quality.In the process, a prototype of RBDM Tool was developed and used to analyze the trade lane of JamboFresh, a fruit importing company in the Netherlands. By coping with the challenges posed by RBO approach of energy industry, by narrowing down the limitations offered by current risk management practices, and by incorporating the relevant multi-actor theories a RBDM Appraoch was developed. Based on the findings and discussions several reccomendations were laid down.

Risk Matrix
International Supply Chain
Risk Management
Risk Based Decision Making
Bow-tie Diagram
Data Pipeline
Asset Management
Decision Matrix
Multi-actor Analysis

http://resolver.tudelft.nl/uuid:f4dc7c8d-4031-4ec1-aaf3-f92d370c8abd

2017-08-27

Student theses

master thesis

© 2017 Anil Ravulakollu