Validation of Dynamic Risk Analysis Supporting Integrated Operations Across Systems

Shenae Lee, Gabriele Landucci, Genserik Reniers and Nicola Paltrinieri
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Shenae Lee: Department of Mechanical and Industrial Engineering, Norwegian University of Science and Technology NTNU, S.P. Andersens veg 3, 7031 Trondheim, Norway
Gabriele Landucci: Department of Civil and Industrial Engineering, University of Pisa, Largo Lucio Lazzarino 2, 56126 Pisa, Italy
Genserik Reniers: Faculty of Applied Economics, University of Antwerp Operations Research Group ANT/OR, 2000 Antwerp, Belgium
Nicola Paltrinieri: Department of Mechanical and Industrial Engineering, Norwegian University of Science and Technology NTNU, S.P. Andersens veg 3, 7031 Trondheim, Norway

Sustainability, 2019, vol. 11, issue 23, 1-25

Abstract: Dynamic risk analysis (DRA) is a novel industrial approach that aims to capture changes in operational conditions over time and quantify their effect on risk. This aspect may be advantageous for providing insight into the causal factors that have substantial risk contributions and supporting decisions related to risk control. Some DRA methods were developed by the oil and gas industry to support the integration of work processes and the cooperation across virtual clusters, e.g., between offshore and onshore systems and/or oil company and supplier. However, DRA has not been extensively adopted and limited attention is given to its validity in practical applications. The objective of this article is to illustrate how this validity can be established based on common validation approaches for risk analysis. The case study focuses on a DRA method named risk barometer that was developed to support integrated operations across the oil and gas industrial systems. The outcome of this study may serve as a basis for the validation of other DRA methods, the use of DRA in practical cases, and ultimately the achievement of integrated operations (IO) capabilities.

Keywords: Validation; dynamic risk analysis; oil and gas; integrated operations; risk barometer; TEC2O; reality check; benchmark; peer review. (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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