Holistic risk assessment of container shipping service based on Bayesian Network Modelling

Container shipping makes significant contribution to the global economy and is confronted with various hazards and risks especially during the COVID-19 pandemic. These risks can disrupt resilient container shipping service, leading to further deterioration of the global economy. Hence, it is vital t...

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Main Authors: Zhou, Yusheng, Li, Xue, Yuen, Kum Fai
Other Authors: School of Civil and Environmental Engineering
Format: Article
Language:English
Published: 2022
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Online Access:https://hdl.handle.net/10356/162077
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Institution: Nanyang Technological University
Language: English
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spelling sg-ntu-dr.10356-1620772022-10-04T01:11:50Z Holistic risk assessment of container shipping service based on Bayesian Network Modelling Zhou, Yusheng Li, Xue Yuen, Kum Fai School of Civil and Environmental Engineering Engineering::Maritime studies Container Shipping Risk Assessment Container shipping makes significant contribution to the global economy and is confronted with various hazards and risks especially during the COVID-19 pandemic. These risks can disrupt resilient container shipping service, leading to further deterioration of the global economy. Hence, it is vital to develop resilient container shipping service, which is associated with being on-time, safe, and hassle-free. Theoretically, this research identifies 28 root risks using the PESTLE framework, conducts risk assessment using a hybrid method comprising failure modes and effects analysis, evidential reasoning, and rule-based Bayesian network. A three-hierarchy Bayesian network model is established. The results reveal that economic, political, and technical risks are the most threatening risks affecting resilient container shipping service. Moreover, the holistic container shipping risk is most sensitive to environmental risks. Managerially, this research provides container shipping companies with guidance of drafting risk mitigation plans with economic risks and political risks as priorities. Ministry of Education (MOE) This research is supported by the Ministry of Education, Singapore, under its Academic Research Fund Tier 1 (Project ID, RS03/19). 2022-10-04T01:11:50Z 2022-10-04T01:11:50Z 2022 Journal Article Zhou, Y., Li, X. & Yuen, K. F. (2022). Holistic risk assessment of container shipping service based on Bayesian Network Modelling. Reliability Engineering and System Safety, 220, 108305-. https://dx.doi.org/10.1016/j.ress.2021.108305 0951-8320 https://hdl.handle.net/10356/162077 10.1016/j.ress.2021.108305 2-s2.0-85123262032 220 108305 en RS03/19 Reliability Engineering and System Safety © 2021 Elsevier Ltd. All rights reserved.
institution Nanyang Technological University
building NTU Library
continent Asia
country Singapore
Singapore
content_provider NTU Library
collection DR-NTU
language English
topic Engineering::Maritime studies
Container Shipping
Risk Assessment
spellingShingle Engineering::Maritime studies
Container Shipping
Risk Assessment
Zhou, Yusheng
Li, Xue
Yuen, Kum Fai
Holistic risk assessment of container shipping service based on Bayesian Network Modelling
description Container shipping makes significant contribution to the global economy and is confronted with various hazards and risks especially during the COVID-19 pandemic. These risks can disrupt resilient container shipping service, leading to further deterioration of the global economy. Hence, it is vital to develop resilient container shipping service, which is associated with being on-time, safe, and hassle-free. Theoretically, this research identifies 28 root risks using the PESTLE framework, conducts risk assessment using a hybrid method comprising failure modes and effects analysis, evidential reasoning, and rule-based Bayesian network. A three-hierarchy Bayesian network model is established. The results reveal that economic, political, and technical risks are the most threatening risks affecting resilient container shipping service. Moreover, the holistic container shipping risk is most sensitive to environmental risks. Managerially, this research provides container shipping companies with guidance of drafting risk mitigation plans with economic risks and political risks as priorities.
author2 School of Civil and Environmental Engineering
author_facet School of Civil and Environmental Engineering
Zhou, Yusheng
Li, Xue
Yuen, Kum Fai
format Article
author Zhou, Yusheng
Li, Xue
Yuen, Kum Fai
author_sort Zhou, Yusheng
title Holistic risk assessment of container shipping service based on Bayesian Network Modelling
title_short Holistic risk assessment of container shipping service based on Bayesian Network Modelling
title_full Holistic risk assessment of container shipping service based on Bayesian Network Modelling
title_fullStr Holistic risk assessment of container shipping service based on Bayesian Network Modelling
title_full_unstemmed Holistic risk assessment of container shipping service based on Bayesian Network Modelling
title_sort holistic risk assessment of container shipping service based on bayesian network modelling
publishDate 2022
url https://hdl.handle.net/10356/162077
_version_ 1746219661086687232