Premkumar Thodi, Faisal Khan and Mahmoud Haddara
The purpose of this paper is to develop a risk‐based integrity model for the optimal replacement of offshore process components, based on the likelihood and consequence of failure…
Abstract
Purpose
The purpose of this paper is to develop a risk‐based integrity model for the optimal replacement of offshore process components, based on the likelihood and consequence of failure arising from time‐dependent degradation mechanisms.
Design/methodology/approach
Risk is a combination of the probability of failure and its likely consequences. Offshore process component degradation mechanisms are modeled using Bayesian prior‐posterior analysis. The failure consequences are developed in terms of the cost incurred as a result of failure, inspection and maintenance. By combining the cumulative posterior probability of failure and the equivalent cost of degradations, the operational life‐risk curve is produced. The optimal replacement strategy is obtained as the global minimum of the operational risk curve.
Findings
The offshore process component degradation mechanisms are random processes. The proposed risk‐based integrity model can be used to model these processes effectively to obtain an optimal replacement strategy. Bayesian analysis can be used to model the uncertainty in the degradation data. The Bayesian posterior estimation using an M‐H algorithm converged to satisfactory results using 10,000 simulations. The computed operational risk curve is observed to be a convex function of the service life. Furthermore, it is observed that the application of this model will reduce the risk of operation close to an ALARP level and consequently will promote the safety of operation.
Research limitations/implications
The developed model is applicable to offshore process components which suffer time‐dependent stochastic degradation mechanisms. Furthermore, this model is developed based on an assumption that the component degradation processes are independent. In reality, the degradation processes may not be independent.
Practical implications
The developed methodology and models will assist asset integrity engineers/managers in estimating optimal replacement intervals for offshore process components. This can reduce operating costs and resources required for inspection and maintenance (IM) tasks.
Originality/value
The frequent replacement of offshore process components involves higher cost and risk. Similarly, the late replacement of components may result in failure and costly breakdown maintenance. The developed model estimates an optimal replacement strategy for offshore process components suffering stochastic degradation. Implementation of the developed model improves component integrity, increases safety, reduces potential shutdown and reduces operational cost.
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Gives a bibliographical review of the finite element methods (FEMs) applied for the linear and nonlinear, static and dynamic analyses of basic structural elements from the…
Abstract
Gives a bibliographical review of the finite element methods (FEMs) applied for the linear and nonlinear, static and dynamic analyses of basic structural elements from the theoretical as well as practical points of view. The range of applications of FEMs in this area is wide and cannot be presented in a single paper; therefore aims to give the reader an encyclopaedic view on the subject. The bibliography at the end of the paper contains 2,025 references to papers, conference proceedings and theses/dissertations dealing with the analysis of beams, columns, rods, bars, cables, discs, blades, shafts, membranes, plates and shells that were published in 1992‐1995.
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Ali H. Choucri, Anne Dietterich, Victoria Gillern and Julia Ivy
Expected learning outcomes: To respond to the case question, students would analyze macro- and microeconomic differences to determine HC Securities’ preferred global strategy and…
Abstract
Learning outcomes
Expected learning outcomes: To respond to the case question, students would analyze macro- and microeconomic differences to determine HC Securities’ preferred global strategy and appropriate market entry mode. The case demonstrates how instability in a local market, in this case Egypt, can force a company to go global. It also demonstrates how two superficially similar markets, Singapore and Hong Kong, provide different opportunities for HC Securities and require different global strategies: Singapore provides a jumping-off point to its predominantly Muslim neighbors Malaysia and Indonesia, whereas Hong Kong gives access to China and could provide a new customer base of Asian investors willing to invest in Africa and the Middle East.
Case overview/synopsis
Brief overview of the case: The case introduces the Egyptian investment company HC Securities, which is facing challenges related to Egypt’s political instability and economic slowdown. HC Securities’ CEO, Mr. Choucri, feels expansion to one of the Asia-Pacific countries could help with the company’s growth and stability. He identifies Hong Kong and Singapore as the most compelling locations because of their sophisticated economies and growth potential in the investments industry. This case provides information about each market, allowing students to respond to the question “What should Choucri do to assure a market-based solution for his company?”
Complexity academic level
Student level and proposed courses: The case is appropriate for use in undergraduate courses in international business or strategic management.
Supplementary materials
Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
Subject code
International Business.
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Kate L. Fennell, Pieter Jan Van Dam, Nicola Stephens, Adele Holloway and Roger Hughes
A systematic investigation of postgraduate leadership programs for health and/or human services offered by Australian higher education institutions was undertaken.
Abstract
Purpose
A systematic investigation of postgraduate leadership programs for health and/or human services offered by Australian higher education institutions was undertaken.
Design/methodology/approach
Quantitative analysis identified the core characteristics of the programs. A thematic analysis of the course learning outcomes was conducted and six major themes of disciplinary leadership and management knowledge; research and analytical skills; professional practice; communication and collaboration; creativity and innovation; and system knowledge are shared in this study.
Findings
The authors conclude that Australian universities have taken an evidence-based approach to leadership education.
Originality/value
More work might need to be undertaken to ensure leadership theories are incorporated into learning outcomes.