A Systematic Enterprise Risk Management Framework for Modeling the Interactions of Safety and Financial Performance in Nuclear Power Plants

John Beal, Pegah Farshadmanesh, Tatsuya Sakurahara, Seyed Reihani, Ernie Kee, Zahra Mohaghegh

Research output: Contribution to conferencePaperpeer-review

Abstract

This paper reports on the advancements made by the authors to theorize and quantify the interrelationships between safety and financial performance in nuclear power plants (NPPs). The authors developed an Integrated Enterprise Risk Management (I-ERM) framework which consists of several interconnected modules for incorporating factors including human/social contributing factors, physical degradation, component reliability/availability, and plant-level availability and safety risk models to generate safety and financial risk metrics for various operations and maintenance (O&M) strategies. This paper summarizes and provides updates to the progress made in this line of research, including advancements to the I-ERM theoretical basis and methodological contributions. The theoretical advancements in this project include developing causal models related to maintenance programs and the connection between safety and financial performance of NPPs. To demonstrate the I-ERM framework, this paper provides a NPP case study.

Original languageEnglish (US)
StatePublished - 2022
Event16th International Conference on Probabilistic Safety Assessment and Management, PSAM 2022 - Honolulu, United States
Duration: Jun 26 2022Jul 1 2022

Conference

Conference16th International Conference on Probabilistic Safety Assessment and Management, PSAM 2022
Country/TerritoryUnited States
CityHonolulu
Period6/26/227/1/22

ASJC Scopus subject areas

  • Safety, Risk, Reliability and Quality

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