Bayesian approaches for detecting significant deterioration

Røed, Willy and Terje Aven

Reliability Engineering and System Safety, 2009, vol. 94, issue 2, 604-610

Abstract: Risk indicators can provide useful input to risk management processes and are given increased attention in the Norwegian petroleum industry. Examples include indicators expressing the proportion of test failures of safety and barrier systems. Such indicators give valuable information about the performance of the systems and provide a basis for trend evaluations. Early warning of a possible deterioration is essential due to the importance of the systems in focus, but what should be the basis for the warning criterion? This paper presents and discusses several Bayesian approaches for the establishment of a warning criterion to disclose significant deterioration. The Norwegian petroleum industry is the starting point for this paper, but the study is relevant for other application areas as well.

Keywords: Bayesian analysis; Prediction interval; Warning criterion (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:94:y:2009:i:2:p:604-610

DOI: 10.1016/j.ress.2008.06.017

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