Introducing a novel system-of-systems axiomatic risk management technique for production systems

Asif Mahmood

Journal of Operational Risk

Abstract: We present a novel approach for managing the risks of a large complex sys- tem of systems. The methodology of system-of-systems axiomatic risk management (SoSARM) put forward here is an axiomatic-risk-based decomposition for resolving hierarchical coupled risks. The first part of the paper develops a new methodological concept to understand and quantify the relationships between higher-level and lower-level risks along with the contextual countermeasures adopted for each individual risk. In the second part of the paper, the theory and concepts developed demonstrate a typical production system of systems following a step-by-step hierarchical approach. We find the SoSARM technique to be a very simple yet comprehensive method of handling interdependent cross-domain risks.

References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.risk.net/journal-of-operational-risk/6 ... r-production-systems (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:rsk:journ3:6446751

Access Statistics for this article

More articles in Journal of Operational Risk from Journal of Operational Risk
Bibliographic data for series maintained by Thomas Paine ().