Developing a systematic methodology to build a systems dynamics model for assessment of non-technical risks in power plants

Mashaqbeh, Sahar Mohammad Al; Khan, Muhammad Nadeem; Khazaleh, Awni Al

doi:10.1504/ijsse.2020.105423

Cited by 4 publications

(2 citation statements)

References 91 publications

(215 reference statements)

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“…Developing scenarios that consider the potential escalation of risks and the impact on operations, finances, and reputation. Regularly monitoring and evaluating risks to identify emerging threats and opportunities for mitigation (Mashaqbeh, et. al., 2020, Hayes, et.…”

Section: Interconnected Nature Of Non-technical Risksmentioning

confidence: 99%

NAVIGATING NON-TECHNICAL RISKS IN THE OIL & GAS INDUSTRY: INSIGHTS AND FRAMEWORKS - A REVIEW

Stella Emeka-Okoli,

Ekene Ezinwa Nwankwo,

Tochukwu Chinwuba Nwankwo

et al. 2024

Int. j. appl. res. soc. sci.

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Non-technical risks play a critical role in the oil and gas industry, influencing operational efficiency, financial performance, and stakeholder trust. This review explores key insights and frameworks for understanding and managing non-technical risks in the oil and gas sector. The review begins by defining non-technical risks and highlighting their significance in the industry. It then discusses various types of non-technical risks, including regulatory, environmental, social, and geopolitical risks, and their impact on oil and gas operations. The review also examines the interconnected nature of non-technical risks and how they can escalate into larger crises if not managed effectively. It emphasizes the importance of adopting a holistic approach to risk management that considers the interplay between different risk factors. Furthermore, the review identifies several key frameworks and methodologies for assessing and managing non-technical risks in the oil and gas industry. These include risk assessment tools, scenario planning, and stakeholder engagement strategies. The review concludes by highlighting the need for oil and gas companies to proactively identify, assess, and mitigate non-technical risks. It emphasizes the importance of integrating risk management into overall business strategies and decision-making processes. Overall, this review provides valuable insights and frameworks for navigating non-technical risks in the oil and gas industry. It offers practical recommendations for industry practitioners and policymakers to enhance risk management practices and ensure the long-term sustainability of the sector. Keywords: Oil and Gas, Insights, Frameworks, Navigating, Non- Technical Risks

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Section: Interconnected Nature Of Non-technical Risksmentioning

confidence: 99%

NAVIGATING NON-TECHNICAL RISKS IN THE OIL & GAS INDUSTRY: INSIGHTS AND FRAMEWORKS - A REVIEW

Stella Emeka-Okoli,

Ekene Ezinwa Nwankwo,

Tochukwu Chinwuba Nwankwo

et al. 2024

Int. j. appl. res. soc. sci.

View full text Add to dashboard Cite

show abstract

“…There are several techniques and tools to assess risks; the most common techniques are as follows: preliminary hazard analysis, scenario analysis, brainstorming, failure modes, effects analysis, fault tree analysis, and event tree analysis [7]. According to [71] the success of risk management is based on the effectiveness of the developed framework. In the decision-making process, risk identification is very crucial.…”

Section: Risk Assessmentmentioning

confidence: 99%

Risk Analysis under a Circular Economy Context Using a Systems Thinking Approach

Almashaqbeh

2023

Sustainability

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Applying the circular economy (CE) concept is crucial for achieving sustainable development goals. A transition towards a CE requires new tools to clarify the interdependency among systems and assist policy-makers in their decisions, particularly in the risk assessment field. This paper analyzes the systemic effects and interdependencies of several risks in the context of a CE. The developed tool helps adopt proactive strategies that consider the four aspects of sustainability (economic, environmental, social, and technological). The adopted tool improves strategic thinking for a circular economy concept and supports organizations with respect to assessing risks. This paper aims to provide a comprehensive and novel model to quantify the priority weights of the sustainability risk indicators to provide guidelines for supporting the policy formulation process for decision-makers. In this paper, the taxonomy of various risk indicators has been proposed, and we have identified and adopted 40 risk indicators for the CE. This paper focuses on understanding how risks can be constructed and how they affect the performance of power plants over time in terms of availability, efficiency, and operational and maintenance cost. The causal loop diagram (CLD) model is built by deploying various risk quantifications, and the adopted tool was tested and validated to assess the CE risks relevant to the environmental perspective in power plants in the Middle East. The risk indicators under the concept of the CE model and the system thinking approach can help policy-makers in their strategic and operational decision-making process for achieving a better understanding of the risk assessment process. The taxonomy of risk categories and its linking with the system thinking approach will help in the successful and effective implementation of a CE in the energy sector in the long-term. The proposed model offers a tool for policy-makers to design policies when planning a CE.

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A holistic risk management framework for renewable energy investments

Abba

Balta‐Ozkan

Hart

2022

Renewable and Sustainable Energy Reviews

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Developing a systematic methodology to build a systems dynamics model for assessment of non-technical risks in power plants

Cited by 4 publications

References 91 publications

NAVIGATING NON-TECHNICAL RISKS IN THE OIL & GAS INDUSTRY: INSIGHTS AND FRAMEWORKS - A REVIEW

NAVIGATING NON-TECHNICAL RISKS IN THE OIL & GAS INDUSTRY: INSIGHTS AND FRAMEWORKS - A REVIEW

Risk Analysis under a Circular Economy Context Using a Systems Thinking Approach

A holistic risk management framework for renewable energy investments

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