Abstract
| Original language | English |
|---|---|
| Article number | 14 |
| Journal | Infrastructures |
| Volume | 2 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - 2017 |
| MoE publication type | A1 Journal article-refereed |
Fingerprint
Keywords
- critical infrastructure
- extreme weather event
- risk mitigation measure
- value
- value creation
- assessment
- disaster management
- stakeholder
Cite this
}
Creating stakeholder value through risk mitigation Measures in the context of disaster management. / Räikkönen, Minna (Corresponding Author); Molarius, Riitta; Mäki, Kari; Forssén, Kim; Petiet, Peter; Nieuwenhuijs, Albert.
In: Infrastructures, Vol. 2, No. 4, 14, 2017.Research output: Contribution to journal › Article › Scientific › peer-review
TY - JOUR
T1 - Creating stakeholder value through risk mitigation Measures in the context of disaster management
AU - Räikkönen, Minna
AU - Molarius, Riitta
AU - Mäki, Kari
AU - Forssén, Kim
AU - Petiet, Peter
AU - Nieuwenhuijs, Albert
PY - 2017
Y1 - 2017
N2 - The resilience of critical infrastructure (CI) to extreme weather events (EWE) is one of the most demanding challenges for all stakeholders in modern society. Although partial risk reduction is feasible through the introduction and implementation of various risk mitigation measures (RMM), decision-makers at all decision-making levels are pressured to find ways to cope with the impending extreme weather and to have a thorough understanding of the EWE impacts on CI. This paper discusses how the value of RMMs can be created and assessed in a stakeholder network. Qualitative research methods, namely literature review and AHP (Analytic Hierarchy Process), were applied as research methods. The paper examines how disaster management and value creation both converge and differ from each other. It also presents a case study on the value of various RMM and the impacts of extreme winter conditions on electricity distribution in Finland. Based on the case study, the most important value criterion was the benefits of the RMM in economic, social, and environmental terms. At a fundamental level, the value of RMM should be expressed not only in terms of money but also in regard to safety, security, societal acceptability, CI dependability, and other typically intangible criteria. Moreover, the results reveal that the interrelationship of value creation and disaster management offers new insights to both approaches.
AB - The resilience of critical infrastructure (CI) to extreme weather events (EWE) is one of the most demanding challenges for all stakeholders in modern society. Although partial risk reduction is feasible through the introduction and implementation of various risk mitigation measures (RMM), decision-makers at all decision-making levels are pressured to find ways to cope with the impending extreme weather and to have a thorough understanding of the EWE impacts on CI. This paper discusses how the value of RMMs can be created and assessed in a stakeholder network. Qualitative research methods, namely literature review and AHP (Analytic Hierarchy Process), were applied as research methods. The paper examines how disaster management and value creation both converge and differ from each other. It also presents a case study on the value of various RMM and the impacts of extreme winter conditions on electricity distribution in Finland. Based on the case study, the most important value criterion was the benefits of the RMM in economic, social, and environmental terms. At a fundamental level, the value of RMM should be expressed not only in terms of money but also in regard to safety, security, societal acceptability, CI dependability, and other typically intangible criteria. Moreover, the results reveal that the interrelationship of value creation and disaster management offers new insights to both approaches.
KW - critical infrastructure
KW - extreme weather event
KW - risk mitigation measure
KW - value
KW - value creation
KW - assessment
KW - disaster management
KW - stakeholder
U2 - 10.3390/infrastructures2040014
DO - 10.3390/infrastructures2040014
M3 - Article
VL - 2
JO - Infrastructures
JF - Infrastructures
SN - 2412-3811
IS - 4
M1 - 14
ER -