Risk-informed decision-making in asset management as a complex adaptive system of systems

Abstract

Decision-making is an essential activity in asset management (AM). It is influenced by various factors (strategic, technical/technological, economic, organisational, regulatory, safety, markets, etc.). Sound decision-making in AM ought to take into account relevant factors in order to balance risks, opportunities, performance, costs and benefits. Additionally, modern organisations evolve in complex operational and business environments and are exposed to significant uncertainties. In such a context, decision-making in AM becomes more challenging. This study proposes a holistic three-step risk-informed decision-making (RIDM) methodology developed for AM, where RIDM is considered a complex adaptive system of systems. The methodology is applied in a case study to analyse possible modification strategies for a nuclear power plant's emergency core cooling system. Through the RIDM process, quantitative models and other factors have been taken into account in order to obtain the necessary comprehensive insights regarding the decision to be made.