Data driven approach to risk management and decision support for dynamic positioning systems

Tarannom Parhizkar, Sandra Hogenboom, Jan Erik Vinnem and Ingrid Bouwer Utne

Reliability Engineering and System Safety, 2020, vol. 201, issue C

Abstract: Offshore oil and gas operations are inherently associated with risk and may have catastrophic consequences to life, property, and environment. Risk management is thus performed during the design, planning, and operation phases to control risk. Operational risk models are only periodically updated and do not always reflect the available real-time data. This is also the case for dynamic positioning (DP) operation. Monitoring the risk levels of the system during the operational phase could reduce the accident risk by providing additional decision support information for operators.

Keywords: Risk management model; Risked-informed decision-making; Data driven model; SPAR-H method; Dynamic positioning (DP) system; Decision support tool (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (8)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:201:y:2020:i:c:s0951832019307318

DOI: 10.1016/j.ress.2020.106964

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