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An operational risk analysis model for container shipping systems considering uncertainty quantification

Citation

Nguyen, S and Chen, PS-L and Du, Y and Thai, VV, An operational risk analysis model for container shipping systems considering uncertainty quantification, Reliability Engineering and System Safety, 209 Article 107362. ISSN 0951-8320 (2021) [Refereed Article]


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Copyright Statement

Copyright 2021 Elsevier

DOI: doi:10.1016/j.ress.2020.107362

Abstract

Different uncertain factors obstruct the analysis of operational risks in container shipping, especially those rooted in the subjectivity of multiple risk assessments and their aggregation. This paper proposes a risk analysis model featuring a quantification of the uncertainty. Bayesian probability theory is employed to quantify the risk magnitude, while a dedicated module to handle uncertainty is enabled by Evidential Reasoning and a set of three uncertainty indicators, including expert ignorance, disagreement among experts, and polarization of their assessments. The situation of risk is diagnosed by risk ranking and visualized by risk mapping, using both Risk Magnitude Index and Uncertainty Index. The functionality of the proposed model in identifying critical and uncertain risks was demonstrated in an organizational-scale case study, followed by an examination of validity criteria and a sensitivity test. The case study reveals the physical flow as the dominant origin of high-ranking risks with potential significant consequences such as piracy, dangerous cargoes, and maritime accidents; while information and financial operational risks are more uncertain, especially cargo misdeclaration and unexpected rises of fuel costs.

Item Details

Item Type:Refereed Article
Keywords:risk assessment, container shipping operation, Bayesian network, evidential reasoning, risk mapping
Research Division:Commerce, Management, Tourism and Services
Research Group:Transportation, logistics and supply chains
Research Field:Maritime transportation and freight services
Objective Division:Transport
Objective Group:Water transport
Objective Field:International sea freight transport (excl. live animals, food products and liquefied gas)
UTAS Author:Nguyen, S (Mr Son Nguyen)
UTAS Author:Chen, PS-L (Associate Professor Peggy Chen)
UTAS Author:Du, Y (Dr Bill Du)
ID Code:142266
Year Published:2021
Web of Science® Times Cited:1
Deposited By:Maritime and Logistics Management
Deposited On:2021-01-04
Last Modified:2021-06-25
Downloads:0

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