A review on the GIS usage in spatio-temporal risk assessment in asset management

Abstract

Risk assessment for asset management is a process to analyse the potential risk that could affect the efficiency of operating assets. An effective risk assessment strategy depends on high-quality data and effective data analysis. To do so, risk assessment should take into consideration the spatial and temporal aspects of risks of physical assets in asset management for a data-driven decision-making. Failure to incorporate the spatial and temporal aspects in risk, when the risk possess spatio-temporal correlation, could lead to a defective estimation of assets risks. GIS can be used to analyse multidimensional information which includes 3D GIS, and spatio-temporal data (2D+t and 3D+t). Due to its superiority in handling multidimensional data, GIS is often a preferable tool to collect, manage, manipulate, and visualize spatio-temporal data to allow an accurate and informed analysis. The aim of this study is to uncover the use of GIS for risk assessment in asset management when spatial and temporal data are concerned. This study conduct a thorough review of previous research to look into the current development of asset management that utilizes a spatio-temporal approach for data collection, analysis, and 3D visualization for risk assessment. At the end of this study, we found that physical assets are affected by risk that possess spatio-temporal correlation. Several GIS techniques for data collection, analysis and visualization are found to provide a more effective analysis for assessing spatio-temporal risks. This paper concludes by providing a workflow that can be used by asset managers to assess risk spatio-temporally based on the findings of this study.