Abstract
Industry 4.0 involves information-intensive transformations in a connected environment of data, people, processes, systems, and production. Smart and complex technologies with a high level of automation present in this industry could also induce hazards with potential consequences for the safety and security of facilities, people, and the environment. Lessons learned from high-complexity industries with high potential risks, such as nuclear, aerospace, aviation, and oil, could be applied to address the new challenges of industry 4.0. Such industries use risk-informed decision-making (RIDM) processes to make the best decisions to achieve their goals, taking into account the constraints of social, technical, business, safety, security, and environmental requirements. Risk management requires making decisions about identification, analysis, assessment, control, prevention, mitigation, and communication of risks in a cost-effective way. This chapter presents an overview of RIDM, including deterministic and probabilistic approaches, its current applications, and a framework for its implementation in industry 4.0.
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