Abstract for:Application of System Dynamics for Risk Management of Industrial Units & Projects

Risk Management is one of the major requirements of Industrial Units and Projects. Most of current Risk Management tools are 40-65 years old, mutually assuming that accidents happen because of systems’ component failures. Novel methodologies are required because of the characteristics of new technologies, increases in systems’ complexity and changes in human roles. Systemic and dynamic characteristics of risks should be considered in the new approaches.

In the present article, a systemic approach is presented and applied for modeling and analyzing the Safety Control Structure of an industrial project.   

We will firstly review the definition of main concepts such as Risk and Risk Management. Traditional Risk Management approaches and their limitations are then presented. Afterwards, major notions of STAMP [1] (System-Theoretic Accident Model and Processes) are introduced, as a new approach in Risk / Safety Management.  At the final section, a methodology is presented which is founded on the notions of system dynamics and STAMP. Application of the methodology for modeling Safety Control Structure of an industrial project is discussed at this final part.

[1] STAMP (System-Theoretic Accident Model and Processes)