Please use this identifier to cite or link to this item: https://doi.org/10.1109/ICMIT.2010.5492902
Title: A risk management-based decision model for a type of dynamic multi-state systems with application on maritime transportation
Authors: Xiao, H.
Roohi, Sh.F.
Ng, K.M. 
Habibullah, M.S.
Keywords: Availability
Maritime transportation system
Markov process
Multi-state weighted k-out-of-n system
Risk management
Universal Generating Function
Issue Date: 2010
Source: Xiao, H.,Roohi, Sh.F.,Ng, K.M.,Habibullah, M.S. (2010). A risk management-based decision model for a type of dynamic multi-state systems with application on maritime transportation. 5th IEEE International Conference on Management of Innovation and Technology, ICMIT2010 : 1136-1141. ScholarBank@NUS Repository. https://doi.org/10.1109/ICMIT.2010.5492902
Abstract: In this paper, a framework for risk analysis of dynamic multi-state weighted k-out-of-n systems is presented by combining Markov process and Universal Generating Function. The uncertainties in the system demand were considered and optimal management decision is made based on achieved risk and system cost. The use of this approach is illustrated on a case of maritime transportation, which generated promising results on system availability and optimal design. © 2010 IEEE.
Source Title: 5th IEEE International Conference on Management of Innovation and Technology, ICMIT2010
URI: http://scholarbank.nus.edu.sg/handle/10635/72253
ISBN: 9781424465675
DOI: 10.1109/ICMIT.2010.5492902
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