Abstract
Inefficiencies in the operation and maintenance of Nuclear Power Plants (NPPs) have caused unnecessary shutdowns, decreases in production, and increases in system risk. Probabilistic Risk Assessment (PRA), which guides risk-informed decision-making, helps expand the operational envelope by allowing more flexibility, adding to the efficiency of preventive and corrective actions and, therefore, generates more profit. However, the financial bottom line of PRA has not yet been formally estimated. This paper reports on the current status of first-of-its-kind research for estimating the monetary value of PRA. The proposed steps for this research include: (1) developing a Generic Financial Model (GFM) to estimate the Return On Investment (ROI) that results from profit generation or cost reduction associated with a typical PRA activity in an NPP (2) implementing GFM for one of the PRA programs and validating GFM, (3) conducting uncertainty quantification for the estimated ROI from Step 2, (4) identifying existing PRA programs at an NPP (i.e., South Texas Project Nuclear Operating Company; STPNOC), (5) obtaining ROI for all the PRA activities of STPNOC, running uncertainty analysis for the total ROI, providing a probabilistic monetary value of PRA, and (6) applying importance measure and sensitivity analyses to propose improvement approaches for PRA activities.
Original language | English (US) |
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State | Published - 2014 |
Event | 12th International Probabilistic Safety Assessment and Management Conference, PSAM 2014 - Honolulu, United States Duration: Jun 22 2014 → Jun 27 2014 |
Other
Other | 12th International Probabilistic Safety Assessment and Management Conference, PSAM 2014 |
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Country/Territory | United States |
City | Honolulu |
Period | 6/22/14 → 6/27/14 |
Keywords
- Business case for PRA
- Financial modeling
- Monetary value of PRA
- Probabilistic Risk Assessment
- Socio-technical risk analysis
ASJC Scopus subject areas
- Safety, Risk, Reliability and Quality