Red Room - Session 11

10:30 to 11:30 a.m. Thursday April 23, 2015

Risk Assessment for Technical and Economic Issues Combined via Monte-Carlo Simulation

Economic risks are directly connected with the technological risks. One major problem of an integrated technical and economic risk assessment is the identification of a suitable method which can combine technological, safety and economic issues in one risk assessment. Monte-Carlo simulation is used in both sciences (engineering and economics) and can be adapted to perform a combined risk assessment. This presentation explains Monte-Carlo simulation integrated in a V-model process. Via a V-model the different issues can be partitioned, analyzed on a low level (component reliability, safety and price) and later combined to a complete system risk assessment.

Key Words: Risk Simulation, Monte-Carlo-Method, Maintenance Contracts, Warranty Contracts, Spare Parts

Fabian Plinke, Dirk Althaus, Jan Hauschild and Andreas Braasch

Institute for Quality and Reliability Management GmbH