Title: Risk assessment using interval vector cumulative failure rate

Authors: Kouroush Jenab; Joshua Witte; Pilar Pazos; Sam Khoury

Addresses: Faculty of College of Aeronautics, Embry-Riddle Aeronautical University, 600 S. Clyde Morris Blvd. Daytona Beach, FL 32114-3900, USA ' Master of Systems Engineering Program, Embry-Riddle Aeronautical University, 600 S. Clyde Morris Blvd. Daytona Beach, FL 32114-3900, USA ' Faculty of Engineering Management and Systems Engineering Department, Old Dominion University, 2101 D Engineering Systems Building, Norfolk, VA 23529, USA ' Faculty of College of Business, Athens State University, 300 North Beaty Street, Athens, AL 35611, USA

Abstract: Risk management is a process to identify, assess, and mitigate potential risks to the success of a project. Risks that are not handled appropriately can result in a catastrophe, such as the Space Shuttle Challenger explosion. In this study, a method of using interval vector of cumulative failure rates was developed to improve the categorisation of risks. The cause of the Challenger accident was explored and design failures explained. An illustrative example will be presented to demonstrate the use of newly developed method on the space shuttle solid rocket booster field joint.

Keywords: risk assessment; Space Shuttle Challenger; solid rocket booster field joint; cumulative failure rates; CFR; interval method; risk management; Challenger explosion; design failures; Space Shuttle accident.

DOI: 10.1504/IJBEX.2017.083337

International Journal of Business Excellence, 2017 Vol.12 No.1, pp.66 - 82

Received: 21 May 2015
Accepted: 03 Oct 2015
Published online: 24 Mar 2017 *

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