IDEAS home Printed from https://ideas.repec.org/a/wly/riskan/v38y2018i8p1541-1558.html
   My bibliography  Save this article

On the Relationship between Safety and Decision Significance

Author

Listed:
  • Emanuele Borgonovo
  • Alessandra Cillo
  • Curtis L. Smith

Abstract

Risk analysts are often concerned with identifying key safety drivers, that is, the systems, structures, and components (SSCs) that matter the most to safety. SSCs importance is assessed both in the design phase (i.e., before a system is built) and in the implementation phase (i.e., when the system has been built) using the same importance measures. However, in a design phase, it would be necessary to appreciate whether the failure/success of a given SSC can cause the overall decision to change from accept to reject (decision significance). This work addresses the search for the conditions under which SSCs that are safety significant are also decision significant. To address this issue, the work proposes the notion of a θ‐importance measure. We study in detail the relationships among risk importance measures to determine which properties guarantee that the ranking of SSCs does not change before and after the decision is made. An application to a probabilistic safety assessment model developed at NASA illustrates the risk management implications of our work.

Suggested Citation

  • Emanuele Borgonovo & Alessandra Cillo & Curtis L. Smith, 2018. "On the Relationship between Safety and Decision Significance," Risk Analysis, John Wiley & Sons, vol. 38(8), pages 1541-1558, August.
  • Handle: RePEc:wly:riskan:v:38:y:2018:i:8:p:1541-1558
    DOI: 10.1111/risa.12970
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/risa.12970
    Download Restriction: no

    File URL: https://libkey.io/10.1111/risa.12970?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Emanuele Borgonovo, 2017. "Value of Information," International Series in Operations Research & Management Science, in: Sensitivity Analysis, chapter 0, pages 93-100, Springer.
    2. Ronald W. Hilton, 1981. "The Determinants of Information Value: Synthesizing Some General Results," Management Science, INFORMS, vol. 27(1), pages 57-64, January.
    3. Mark Strong & Jeremy E. Oakley, 2013. "An Efficient Method for Computing Single-Parameter Partial Expected Value of Perfect Information," Medical Decision Making, , vol. 33(6), pages 755-766, August.
    4. George E. Apostolakis, 2004. "How Useful Is Quantitative Risk Assessment?," Risk Analysis, John Wiley & Sons, vol. 24(3), pages 515-520, June.
    5. Stanley Kaplan & B. John Garrick, 1981. "On The Quantitative Definition of Risk," Risk Analysis, John Wiley & Sons, vol. 1(1), pages 11-27, March.
    6. Mark Strong & Jeremy E. Oakley & Alan Brennan, 2014. "Estimating Multiparameter Partial Expected Value of Perfect Information from a Probabilistic Sensitivity Analysis Sample," Medical Decision Making, , vol. 34(3), pages 311-326, April.
    7. James C. Felli & Gordon B. Hazen, 1998. "Sensitivity Analysis and the Expected Value of Perfect Information," Medical Decision Making, , vol. 18(1), pages 95-109, January.
    8. James C. Felli & Gordon B. Hazen, 1999. "A Bayesian approach to sensitivity analysis," Health Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 263-268, May.
    9. Barlow, Richard E. & Proschan, Frank, 1975. "Importance of system components and fault tree events," Stochastic Processes and their Applications, Elsevier, vol. 3(2), pages 153-173, April.
    10. Borgonovo, E. & Smith, C.L., 2012. "Composite multilinearity, epistemic uncertainty and risk achievement worth," European Journal of Operational Research, Elsevier, vol. 222(2), pages 301-311.
    11. Pflug, Georg Ch., 2006. "A value-of-information approach to measuring risk in multi-period economic activity," Journal of Banking & Finance, Elsevier, vol. 30(2), pages 695-715, February.
    12. E. Borgonovo & C. L. Smith, 2011. "A Study of Interactions in the Risk Assessment of Complex Engineering Systems: An Application to Space PSA," Operations Research, INFORMS, vol. 59(6), pages 1461-1476, December.
    13. M. Elisabeth Paté-Cornell & Robin L. Dillon, 2006. "The Respective Roles of Risk and Decision Analyses in Decision Support," Decision Analysis, INFORMS, vol. 3(4), pages 220-232, December.
    14. Jeffrey M. Keisler & Zachary A. Collier & Eric Chu & Nina Sinatra & Igor Linkov, 2014. "Value of information analysis: the state of application," Environment Systems and Decisions, Springer, vol. 34(1), pages 3-23, March.
    15. Raymond F. Boykin & Raymond A. Freeman & Reuven R. Levary, 1984. "Risk Assessment in a Chemical Storage Facility," Management Science, INFORMS, vol. 30(4), pages 512-517, April.
    16. Emanuele Borgonovo & Alessandra Cillo, 2017. "Deciding with Thresholds: Importance Measures and Value of Information," Risk Analysis, John Wiley & Sons, vol. 37(10), pages 1828-1848, October.
    17. Borgonovo, E., 2007. "Differential, criticality and Birnbaum importance measures: An application to basic event, groups and SSCs in event trees and binary decision diagrams," Reliability Engineering and System Safety, Elsevier, vol. 92(10), pages 1458-1467.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Zhu, Xiaoyan & Chen, Zhiqiang & Borgonovo, Emanuele, 2021. "Remaining-useful-lifetime and system-remaining-profit based importance measures for decisions on preventive maintenance," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    2. Henriques de Gusmão, Ana Paula & Mendonça Silva, Maisa & Poleto, Thiago & Camara e Silva, Lúcio & Cabral Seixas Costa, Ana Paula, 2018. "Cybersecurity risk analysis model using fault tree analysis and fuzzy decision theory," International Journal of Information Management, Elsevier, vol. 43(C), pages 248-260.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Emanuele Borgonovo & Alessandra Cillo, 2017. "Deciding with Thresholds: Importance Measures and Value of Information," Risk Analysis, John Wiley & Sons, vol. 37(10), pages 1828-1848, October.
    2. Borgonovo, Emanuele & Hazen, Gordon B. & Jose, Victor Richmond R. & Plischke, Elmar, 2021. "Probabilistic sensitivity measures as information value," European Journal of Operational Research, Elsevier, vol. 289(2), pages 595-610.
    3. S. Cucurachi & E. Borgonovo & R. Heijungs, 2016. "A Protocol for the Global Sensitivity Analysis of Impact Assessment Models in Life Cycle Assessment," Risk Analysis, John Wiley & Sons, vol. 36(2), pages 357-377, February.
    4. Haag, Fridolin & Chennu, Arjun, 2023. "Assessing whether decisions are more sensitive to preference or prediction uncertainty with a value of information approach," Omega, Elsevier, vol. 121(C).
    5. Zou, Guang & Faber, Michael Havbro & González, Arturo & Banisoleiman, Kian, 2021. "Computing the value of information from periodic testing in holistic decision making under uncertainty," Reliability Engineering and System Safety, Elsevier, vol. 206(C).
    6. Straub, Daniel & Ehre, Max & Papaioannou, Iason, 2022. "Decision-theoretic reliability sensitivity," Reliability Engineering and System Safety, Elsevier, vol. 221(C).
    7. Tianyang Wang & James S. Dyer & Warren J. Hahn, 2017. "Sensitivity analysis of decision making under dependent uncertainties using copulas," EURO Journal on Decision Processes, Springer;EURO - The Association of European Operational Research Societies, vol. 5(1), pages 117-139, November.
    8. Michael Felix Pacevicius & Marilia Ramos & Davide Roverso & Christian Thun Eriksen & Nicola Paltrinieri, 2022. "Managing Heterogeneous Datasets for Dynamic Risk Analysis of Large-Scale Infrastructures," Energies, MDPI, vol. 15(9), pages 1-40, April.
    9. Emanuele Borgonovo & Gordon B. Hazen & Elmar Plischke, 2016. "A Common Rationale for Global Sensitivity Measures and Their Estimation," Risk Analysis, John Wiley & Sons, vol. 36(10), pages 1871-1895, October.
    10. Zhu, Xiaoyan & Chen, Zhiqiang & Borgonovo, Emanuele, 2021. "Remaining-useful-lifetime and system-remaining-profit based importance measures for decisions on preventive maintenance," Reliability Engineering and System Safety, Elsevier, vol. 216(C).
    11. Borgonovo, Emanuele & Plischke, Elmar, 2016. "Sensitivity analysis: A review of recent advances," European Journal of Operational Research, Elsevier, vol. 248(3), pages 869-887.
    12. Terje Aven, 2020. "Risk Science Contributions: Three Illustrating Examples," Risk Analysis, John Wiley & Sons, vol. 40(10), pages 1889-1899, October.
    13. Gordon Hazen & Emanuele Borgonovo & Xuefei Lu, 2023. "Information Density in Decision Analysis," Decision Analysis, INFORMS, vol. 20(2), pages 89-108, June.
    14. Emanuele Borgonovo & Veronica Cappelli & Fabio Maccheroni & Massimo Marinacci, 2015. "Risk Analysis and Decision Theory: Foundations," Working Papers 556, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    15. Fissler, Tobias & Pesenti, Silvana M., 2023. "Sensitivity measures based on scoring functions," European Journal of Operational Research, Elsevier, vol. 307(3), pages 1408-1423.
    16. Borgonovo, Emanuele & Aliee, Hananeh & Glaß, Michael & Teich, Jürgen, 2016. "A new time-independent reliability importance measure," European Journal of Operational Research, Elsevier, vol. 254(2), pages 427-442.
    17. Nicky Welton & A. E. Ades, 2012. "Research Decisions In The Face Of Heterogeneity: What Can A New Study Tell Us?," Health Economics, John Wiley & Sons, Ltd., vol. 21(10), pages 1196-1200, October.
    18. Tobias Fissler & Silvana M. Pesenti, 2022. "Sensitivity Measures Based on Scoring Functions," Papers 2203.00460, arXiv.org, revised Jul 2022.
    19. Johnson, Caroline A. & Flage, Roger & Guikema, Seth D., 2021. "Feasibility study of PRA for critical infrastructure risk analysis," Reliability Engineering and System Safety, Elsevier, vol. 212(C).
    20. Zio, E., 2018. "The future of risk assessment," Reliability Engineering and System Safety, Elsevier, vol. 177(C), pages 176-190.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:riskan:v:38:y:2018:i:8:p:1541-1558. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://doi.org/10.1111/(ISSN)1539-6924 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.