A Study for Correlate Impact of Risks in Large-Scale Equipment Tests Based on Structural Equation Modeling (SEM)

Chen Li (lichen1910@gmail.com) and Fa-jie Wei (weifajie@buaa.edu.cn)
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Chen Li: Beihang University
Fa-jie Wei: Beihang University

A chapter in Proceedings of 2013 4th International Asia Conference on Industrial Engineering and Management Innovation (IEMI2013), 2014, pp 783-789 from Springer

Abstract: Abstract The hi-tech feature of large-scale equipment leads to the high probability and great impact of risks during equipment tests. In practical risk management, the risk events are usually dealt with as independent events. However, the risk events of different types are very likely to have correlate impacts, which will change the whole picture of risks in the test. In this article, the author introduces the concept of Structural Equation Modeling (SEM) to construct the correlate impact model of different types of risk events, and quantify the degree of influence of different types of risks by way of parameter estimation, so as to provide the basis for decision-making in risk response programs.

Keywords: Correlate impact; Large-scale equipment test; Risk management; Structural Equation Modeling (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-642-40060-5_75

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DOI: 10.1007/978-3-642-40060-5_75

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