R.Graph: A new risk-based causal reasoning and its application to COVID-19 risk analysis

Various unexpected, low-probability events can have short or long-term effects on organizations and the global economy. Hence there is a need for appropriate risk management practices within organizations to increase their readiness and resiliency, especially if an event may lead to a series of irre...

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Bibliographic Details
Published in:Process safety and environmental protection 2022-03, Vol.159, p.585-604
Main Authors: Seiti, Hamidreza, Makui, Ahmad, Hafezalkotob, Ashkan, Khalaj, Mehran, Hameed, Ibrahim A.
Format: Article
Language:English
Subjects:
Causal chain
Coronaviruses
COVID-19
Economic analysis
Electric industries
Global economy
Long-term effects
Organizations
R.Graph
Risk analysis
Risk assessment
Risk factors
Risk management
Sensitivity analysis
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Summary:Various unexpected, low-probability events can have short or long-term effects on organizations and the global economy. Hence there is a need for appropriate risk management practices within organizations to increase their readiness and resiliency, especially if an event may lead to a series of irreversible consequences. One of the main aspects of risk management is to analyze the levels of change and risk in critical variables which the organization's survival depends on. In these cases, an awareness of risks provides a practical plan for organizational managers to reduce/avoid them. Various risk analysis methods aim at analyzing the interactions of multiple risk factors within a specific problem. This paper develops a new method of variability and risk analysis, termed R.Graph, to examine the effects of a chain of possible risk factors on multiple variables. Additionally, different configurations of risk analysis are modeled, including acceptable risk, analysis of maximum and minimum risks, factor importance, and sensitivity analysis. This new method's effectiveness is evaluated via a practical analysis of the economic consequences of new Coronavirus in the electricity industry.
ISSN:0957-5820
1744-3598
DOI:10.1016/j.psep.2022.01.010