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Multicriteria risk assessment framework for components' risk ranking: Case study of a complex oil and gas support structure
Author(s) -
Okoro Uzoma,
Kolios Athanasios
Publication year - 2018
Publication title -
journal of multi‐criteria decision analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.462
H-Index - 47
eISSN - 1099-1360
pISSN - 1057-9214
DOI - 10.1002/mcda.1651
Subject(s) - ranking (information retrieval) , risk analysis (engineering) , computer science , delphi method , asset (computer security) , failure mode and effects analysis , delphi , operations research , data mining , reliability engineering , engineering , machine learning , artificial intelligence , medicine , operating system , computer security
This paper develops and applies a methodology for multicriteria risk assessment aiming to overcome the limitations of the conventional failure mode and effect analysis where risk evaluation is performed at the higher level consideration of occurrence, severity, and detection. Breaking down these higher level criteria into a set of parameters and variables makes it possible to analyse in greater detail the physical, environmental, and process conditions of the components in response to the activities of factors of biological, chemical, and mechanical stresses. By adopting a framework comprising multicriteria decision analysis, Delphi method, nominal group technique, and technique for order of preference by similarity to ideal solution, the fidelity, transparency, and repeatability of the assessment are ensured. The highlight of the paper is the demonstration of the capability of the model for time dependent assessment, which allows the comparison between different states of the asset's conditions through alteration in the risk profiles. The analysis conducted shows the efficient applicability of the method for the reference case study of an offshore oil and gas support structure, proving its relevance for systems of similar class.