Quantitative risk prognostics framework based on Petri Net and Bow-Tie models

Marius Vileiniskis and Rasa Remenyte-Prescott

Reliability Engineering and System Safety, 2017, vol. 165, issue C, 62-73

Abstract: A simulation framework based on the Petri Net model is proposed in this paper used for performing quantitative risk prognosis through extending the Bow-Tie model. A Petri Net model is built to include features, specific to assets, such as the condition of the asset, the projected operational usage, inspection and maintenance policies and degradation process, so that the future condition of the asset over time can be estimated. Several new Petri Net modelling features which advance the traditional Bow-Tie approach are proposed, such as asset usage generating and usage dependent transitions, and the possibility of entering evidence about the actual condition of the asset through the use of truncated distributions. Monte Carlo simulation method is used to simulate the developed Petri Net model over a selected time frame, in order to obtain statistics necessary to perform risk assessment using the Bow-Tie model. The paper reports on the overall proposed methodology and then focusses on the development of the Petri Net model. The methodology is applied in risk prognostics of operating an underground passenger lift. In particular, the combination of the Petri Net and the Bow-Tie models is illustrated to predict the likelihood and the consequences of an event when a lift gets stuck in a shaft between landings.

Keywords: Petri Net; Bow-Tie model; Fault tree; Event tree; Risk; Asset management; Prognostics (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:165:y:2017:i:c:p:62-73

DOI: 10.1016/j.ress.2017.03.026

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