No / Risk assessment is a strategic approach for building resilient supply chains in different types of industries, including the energy sector. In case of an important event with a high level of the risk happening, it could jeopardize the operations of an organization. This could even interrupt the delivery of a product or service, damaging the profitability and reputation of the organization. This could also have a long-term effect on the strategic performance of the firm. Furthermore, key risks might be linked through causal interrelationships. Given the nature of a dynamic business environment, risk assessment also needs to consider the effect of time on those risks. Hence, it is important to understand the behaviour of a complex and dynamic system of interrelated risks to improve strategic decision making in the energy sector. This paper presents a System Dynamics model to assess risks with a supply chain perspective for power plants. The risk assessment model was validated with a case study of three power plants in the Middle East. The developed risk assessment model allowed to understand the long-term effect of risk on three performance indicators: availability of the power plant, efficiency, and operational and maintenance costs. The model provides a different approach to traditional risk assessment by proposing a dynamic modelling methodology.
| Identifer | oai:union.ndltd.org:BRADFORD/oai:bradscholars.brad.ac.uk:10454/17047 |
| Date | 03 1900 |
| Creators | Almashaqbeh, Sahar, Munive-Hernandez, J. Eduardo, Khan, M. Khurshid |
| Source Sets | Bradford Scholars |
| Language | English |
| Detected Language | English |
| Type | Conference paper, No full-text in the repository |
| Relation | http://www.iaeng.org/WCE2019/ |
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