A new method for managing multidimensional risks in Natural Gas Pipelines based on non-Expected Utility
Enhancing safety and maintaining profitable operations in various types of organizations, including in gas transmission and distribution companies, is a challenging task. Multidimensional risk analysis of Natural Gas Pipelines (NGP) has been carried out in decision-making in order to guide the decision-maker (DM) in managing resource allocation and prioritizing risks in pipeline sections. Although the Literature puts a spotlight on Expected Utility (EU) methods for assessing DM's preferences, the NGP problem is based on the probability of the occurrence of hazard scenarios being small, and yet there being high impacts when a failure occurs. That is why this paper proposes a new multidimensional model for assessing NGP risks: the MRDU model. To the best of the authors' knowledge, there is an absence in the literature of studies on using non-Expected Utility (non-EU) methods. Non-EU is a new approach which is based on Utility Theory. Deviations of utilities are explored and this incorporates contributions from the Rank-Dependent Utility (RDU)-based risk approach. Relevant results are compared and an extensive sensitivity analysis is conducted. Results show that the risk approach based on non-EU gives greater support to the recommendations made to the DM with regard to prioritizing NGP sections.
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Availability:
- Find a library where document is available. Order URL: http://worldcat.org/issn/09518320
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Supplemental Notes:
- © 2021 Elsevier Ltd. All rights reserved. Abstract reprinted with permission of Elsevier.
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Authors:
- Medeiros, Cristina Pereira
- Borges Leal da Silva, Lucas
- Alencar, Marcelo Hazin
- Almeida, Adiel Teixeira de
- Publication Date: 2021-10
Language
- English
Media Info
- Media Type: Web
- Features: Appendices; Figures; References; Tables;
- Pagination: 107709
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Serial:
- Reliability Engineering & System Safety
- Volume: 214
- Issue Number: 0
- Publisher: Elsevier
- ISSN: 0951-8320
- Serial URL: https://www.sciencedirect.com/journal/reliability-engineering-and-system-safety
Subject/Index Terms
- TRT Terms: Decision making; Natural gas pipelines; Pipeline safety; Risk assessment; Utility theory
- Subject Areas: Energy; Pipelines; Safety and Human Factors;
Filing Info
- Accession Number: 01845785
- Record Type: Publication
- Files: TRIS
- Created Date: May 19 2022 10:41AM