Introducing a Novel System-Of-Systems Axiomatic Risk Management Technique for Production Systems

24 Pages Posted: 5 Apr 2019

See all articles by Asif Mahmood

Asif Mahmood

University of Engineering and Technology

Date Written: March 27, 2019

Abstract

We present a novel approach for managing the risks of a large complex system of systems. The methodology of system-of-systems axiomatic risk management (SoSARM) put forward here is an axiomatic-risk-based decomposition for resolving hierarchical coupled risks. The first part of the paper develops a new methodological concept to understand and quantify the relationships between higher-level and lower-level risks along with the contextual countermeasures adopted for each individual risk. In the second part of the paper, the theory and concepts developed demonstrate a typical production system of systems following a step-by-step hierarchical approach. We find the SoSARM technique to be a very simple yet comprehensive method of handling interdependent cross-domain risks.

Keywords: risk management, system of systems, axiomatic, production

Suggested Citation

Mahmood, Asif, Introducing a Novel System-Of-Systems Axiomatic Risk Management Technique for Production Systems (March 27, 2019). Journal of Operational Risk, Vol. 14, No. 1, 2019. Available at SSRN: https://ssrn.com/abstract=3366904

Asif Mahmood (Contact Author)

University of Engineering and Technology ( email )

Lahore, Pakistan
Pakistan

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