Findings from University of Tasmania Provides New Data on Risk Management

2019 DEC 19 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- New research on Risk Management is the subject of a report. According to news reporting originating in Launceston, Australia, by NewsRx journalists, research stated, “With the maturing of autonomous technology and better accessibility, there has been a growing interest in the use of autonomous underwater vehicles (AUVs). The deployment of AUVs for under-ice marine science research in the Antarctic is one such example.”

Financial supporters for this research include Australian Research Council’s Special Research Initiative under the Antarctic Gateway Partnership, Australian Government Research Training Program Scholarship.

The news reporters obtained a quote from the research from the University of Tasmania, “However, a higher risk of AUV loss is present during such endeavors due to the extreme operating environment. To control the risk of loss, existing risk analyses approaches tend to focus more on the AUV’s technical aspects and neglect the role of soft factors, such as organizational and human influences. In addition, the dynamic and complex interrelationships of risk variables are also often overlooked due to uncertainties and challenges in quantification. To overcome these shortfalls, a hybrid fuzzy system dynamics risk analysis (FuSDRA) is proposed. In the FuSDRA framework, system dynamics models the interrelationships between risk variables from different dimensions and considers the time-dependent nature of risk while fuzzy logic accounts for uncertainties. To demonstrate its application, an example based on an actual Antarctic AUV program is presented. Focusing on funding and experience of the AUV team, simulation of the FuSDRA risk model shows a declining risk of loss from 0.293 in the early years of the Antarctic AUV program, reaching a minimum of 0.206 before increasing again in later years. Risk control policy recommendations were then derived from the analysis.”

According to the news reporters, the research concluded: “The example demonstrated how FuSDRA can be applied to inform funding and risk management strategies, or broader application both within the AUV domain and on other complex technological systems.”

For more information on this research see: Fuzzy System Dynamics Risk Analysis (Fusdra) of Autonomous Underwater Vehicle Operations In the Antarctic. Risk Analysis, 2019;():. Risk Analysis can be contacted at: Wiley, 111 River St, Hoboken 07030-5774, NJ, USA. (Wiley-Blackwell - http://www.wiley.com/; Risk Analysis - http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)

Our news correspondents report that additional information may be obtained by contacting T.Y. Loh, University of Tasmania, Australian Maritime College, 1 Maritime Way, Launceston, Tas 7250, Australia. Additional authors for this research include K. Tenekedjiev, M.P. Brito, N. Bose and J.J. Xu.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1111/risa.13429. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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