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Title: Systematic Enterprise Risk Management by Integrating the RISMC Toolkit and Cost-Benefit Analysis (Final Report)

Abstract

The goal of this research is to theorize and quantify the relationships between safety and the financial performance of nuclear power plants (NPPs). The Socio-Technical Risk Analysis (SoTeRiA) theoretical framework, which connects the social aspects (e.g., safety culture) and structural features (e.g., safety practices) of an organization with organizational safety and financial risks, is used to theorize the direct and indirect relationships between safety and the financial performance of NPPs. An Integrated Enterprise Risk Management (I-ERM) methodological framework is developed to operationalize SoTeRiA to quantify NPP safety and financial performance in a unified platform where their underlying physical degradation mechanisms, coupled with maintenance performance (considering human and organizational factors), are explicitly incorporated to depict the interconnections and dependencies between safety and financial performance. In this study, NPP safety refers to both occupational safety and system safety (estimated from Probabilistic Risk Assessment, PRA), and financial performance refers to the monetary values associated with NPP operation and maintenance (O&M) strategies. This report covers a case study demonstrating the feasibility of the I-ERM methodological framework. More detailed development of one of the I-ERM modules, i.e., Probabilistic Physics-of-Failure (PPoF) analysis, and its connection with other I-ERM modules is demonstrated in a second case study.more » The outcome of this research will help NPP decision-makers create cost-saving maintenance strategies while maintaining safety by providing cost- and risk-informed recommendations regarding maintenance work processes and operational strategies.« less

Authors:
 [1];  [1];  [1];  [1];  [1];  [1];  [1];  [1];  [2]
  1. Univ. of Illinois at Urbana-Champaign, IL (United States)
  2. South Texas Project Nuclear Operating Company, Bay City, TX (United States)
Publication Date:
Research Org.:
Univ. of Illinois at Urbana-Champaign, IL (United States); South Texas Project Nuclear Operating Company, Bay City, TX (United States)
Sponsoring Org.:
USDOE Office of Nuclear Energy (NE), Nuclear Energy University Program (NEUP)
OSTI Identifier:
1817917
Report Number(s):
DOE-UIUC-0008700
17-12614
DOE Contract Number:  
NE0008700
Resource Type:
Technical Report
Country of Publication:
United States
Language:
English
Subject:
21 SPECIFIC NUCLEAR REACTORS AND ASSOCIATED PLANTS; 96 KNOWLEDGE MANAGEMENT AND PRESERVATION; enterprise risk management; safety; financial analysis; operational and maintenance; probabilistic risk assessment; maintenance strategies; nuclear power plants

Citation Formats

Mohaghegh, Zahra, Sakurahara, Tatsuya, Beal, John, Cheng, Wen-Chi, Farshadmanesh, Pegah, Reihani, Seyed, Kee, Ernie, Rowell, Arden, and Yilmaz, Fatma. Systematic Enterprise Risk Management by Integrating the RISMC Toolkit and Cost-Benefit Analysis (Final Report). United States: N. p., 2021. Web. doi:10.2172/1817917.
Mohaghegh, Zahra, Sakurahara, Tatsuya, Beal, John, Cheng, Wen-Chi, Farshadmanesh, Pegah, Reihani, Seyed, Kee, Ernie, Rowell, Arden, & Yilmaz, Fatma. Systematic Enterprise Risk Management by Integrating the RISMC Toolkit and Cost-Benefit Analysis (Final Report). United States. https://doi.org/10.2172/1817917
Mohaghegh, Zahra, Sakurahara, Tatsuya, Beal, John, Cheng, Wen-Chi, Farshadmanesh, Pegah, Reihani, Seyed, Kee, Ernie, Rowell, Arden, and Yilmaz, Fatma. 2021. "Systematic Enterprise Risk Management by Integrating the RISMC Toolkit and Cost-Benefit Analysis (Final Report)". United States. https://doi.org/10.2172/1817917. https://www.osti.gov/servlets/purl/1817917.
@article{osti_1817917,
title = {Systematic Enterprise Risk Management by Integrating the RISMC Toolkit and Cost-Benefit Analysis (Final Report)},
author = {Mohaghegh, Zahra and Sakurahara, Tatsuya and Beal, John and Cheng, Wen-Chi and Farshadmanesh, Pegah and Reihani, Seyed and Kee, Ernie and Rowell, Arden and Yilmaz, Fatma},
abstractNote = {The goal of this research is to theorize and quantify the relationships between safety and the financial performance of nuclear power plants (NPPs). The Socio-Technical Risk Analysis (SoTeRiA) theoretical framework, which connects the social aspects (e.g., safety culture) and structural features (e.g., safety practices) of an organization with organizational safety and financial risks, is used to theorize the direct and indirect relationships between safety and the financial performance of NPPs. An Integrated Enterprise Risk Management (I-ERM) methodological framework is developed to operationalize SoTeRiA to quantify NPP safety and financial performance in a unified platform where their underlying physical degradation mechanisms, coupled with maintenance performance (considering human and organizational factors), are explicitly incorporated to depict the interconnections and dependencies between safety and financial performance. In this study, NPP safety refers to both occupational safety and system safety (estimated from Probabilistic Risk Assessment, PRA), and financial performance refers to the monetary values associated with NPP operation and maintenance (O&M) strategies. This report covers a case study demonstrating the feasibility of the I-ERM methodological framework. More detailed development of one of the I-ERM modules, i.e., Probabilistic Physics-of-Failure (PPoF) analysis, and its connection with other I-ERM modules is demonstrated in a second case study. The outcome of this research will help NPP decision-makers create cost-saving maintenance strategies while maintaining safety by providing cost- and risk-informed recommendations regarding maintenance work processes and operational strategies.},
doi = {10.2172/1817917},
url = {https://www.osti.gov/biblio/1817917}, journal = {},
number = ,
volume = ,
place = {United States},
year = {2021},
month = {8}
}