Article: Risk-informed decision-making in asset management as a complex adaptive system of systems Journal: International Journal of Strategic Engineering Asset Management (IJSEAM) 2019 Vol.3 No.3 pp.198 - 238 Abstract: Decision-making is an essential activity in asset management (AM). It is influenced by various factors (strategic, technical/technological, economic, organisational, regulatory, safety, markets, etc.). Sound decision-making in AM ought to take into account relevant factors in order to balance risks, opportunities, performance, costs and benefits. Additionally, modern organisations evolve in complex operational and business environments and are exposed to significant uncertainties. In such a context, decision-making in AM becomes more challenging. This study proposes a holistic three-step risk-informed decision-making (RIDM) methodology developed for AM, where RIDM is considered a complex adaptive system of systems. The methodology is applied in a case study to analyse possible modification strategies for a nuclear power plant's emergency core cooling system. Through the RIDM process, quantitative models and other factors have been taken into account in order to obtain the necessary comprehensive insights regarding the decision to be made. Inderscience Publishers - linking academia, business and industry through research

Title: Risk-informed decision-making in asset management as a complex adaptive system of systems

Authors: Dragan Komljenovic; Georges Abdul-Nour; Jean-François Boudreau

Addresses: Hydro-Quebec's Research Institute (IREQ), 1800 Boul. Lionel-Boulet, Varennes, (QC), J3X 1S1, Canada ' University of Quebec in Trois-Rivieres (UQTR), 3351, Boul. des Forges, C.P. 500, Trois-Rivieres, (QC), G9Q 5H7, Canada ' Hydro-Quebec's Research Institute (IREQ), 1800 Boul. Lionel-Boulet, Varennes, (QC), J3X 1S1, Canada

Abstract: Decision-making is an essential activity in asset management (AM). It is influenced by various factors (strategic, technical/technological, economic, organisational, regulatory, safety, markets, etc.). Sound decision-making in AM ought to take into account relevant factors in order to balance risks, opportunities, performance, costs and benefits. Additionally, modern organisations evolve in complex operational and business environments and are exposed to significant uncertainties. In such a context, decision-making in AM becomes more challenging. This study proposes a holistic three-step risk-informed decision-making (RIDM) methodology developed for AM, where RIDM is considered a complex adaptive system of systems. The methodology is applied in a case study to analyse possible modification strategies for a nuclear power plant's emergency core cooling system. Through the RIDM process, quantitative models and other factors have been taken into account in order to obtain the necessary comprehensive insights regarding the decision to be made.

Keywords: asset management; AM; complex adaptive systems; uncertainties; risk-informed decision-making; RIDM; risks; deliberation; maintenance; complex adaptive system of systems; strength of knowledge; system theory.

DOI: 10.1504/IJSEAM.2019.108468

International Journal of Strategic Engineering Asset Management, 2019 Vol.3 No.3, pp.198 - 238

Accepted: 02 May 2019
Published online: 14 Jul 2020 *

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Title: Risk-informed decision-making in asset management as a complex adaptive system of systems

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