ERM-Wiki - Week 4 responses

Link: https://www.sciencedirect.com/science/article/pii/S0951832017304337?via%3Dihub Topic: Multidimensional risk evaluation of natural gas pipelines based on a multicriteria decision model using visualization tools and statistical tests for global sensitivity analysis. Medeiros, Alencar, and Almeida article (2017) is a credible resource with information about the Risk evaluation tools as well as methods though in a broader perspective. I selected their article as it highlights risk evaluation which is multidimensional to address issues to do with the assessment of risks in pipelines (Medeiros, Alencar, &Almeida article, 2017). Moreover, the choice of the article was also based on the perception that it consists of reliable literature within the past few years that result in an incredible comprehension of risks in the decision context. It includes a risk evaluation model according to the diverse perspectives in becoming increasingly attractive to the makers of decisions. These are tasked with maintaining pipelines and can offer the right advice which is instrumental in prioritizing the efforts for maintenance and optimization of individual or organizational hazards. The selection of Medeiros, Alencar, and Almeida’s article is based on the view that it touches on the proposed use of visualization tools for risk evaluation and assessment. In the modern arena, the use of sophistication methods is highly preferred since it plays a focal part in increasing the effectiveness and the efficiency of operations in an individual or organizational context. A multicreational decision model as a tool as well as a method of analyzing dangers to government agencies, individuals, and businesses is the other notable concept employed in this article in the area of risk evaluation or assessment (Medeiros, Alencar, &Almeida article, 2017). This is alongside the creation and running of simulations to make a productive environment for the accurate derivation of results. Furthermore, it is possible to copy the method used in the selected article since it accommodates different parameters to produce the right recommendation for the decision-makers. In essence, Medeiros and his colleagues conducted credible research on the topic.