Risk modification through system dynamics simulation

Risk assessment offers several advantages to management. It enables to identify the likely causes of system failures and it provides a basis for the identification of appropriate management strategies to reduce the overall risk for a given designed operation condition, either through preventative or mitigation strategies. Doing risk assessment once is often conducted therefore it may be valid in short time period only since a non-critical component could become a critical component after sometime. Further, to modify the risk of system under different operation conditions and maintenance policies, a system dynamics simulation is necessitated since system dynamics concerns a system's dynamic behavior over time under various conditions. This paper is addressed to provide a user friendly tool to simulate the system risk under some designed decisions both operation condition and maintenance policy. The result of a better understand of system behavior depend on operation and maintenance policy is well expected.