A Bayesian framework for strategic management in energy industry

Mahdi Abolghasemi, Reza Alizadeh-Navaei

Research output: Contribution to journalArticleResearchpeer-review

Abstract

The aim of this paper is to utilize Bayesian
Networks scenario-building method to create a framework for analyzing the future of Iran’s energy industry. This framework helps to develop more resilient conservation policies when faced with uncontrollable, irreducible uncertainty by the ability to prediction and diagnose scenarios. Also this paper aims to quantify the scenarios as well as explaining qualitatively. In this paper, a combination of FMEA for recognition of significant factors and Agena Risk as an uncertainty modeling software were used for modeling. Foreign investment in energy industry, foreign investment and level of energy technology
were identified as the three key criteria and critical
uncertainties of the Iranian energy industry. Using these critical uncertainties and all the information gathered from experts, three scenarios were developed the validation of the model showed via them: Global reconciliation, Separation aware and good relationships.
Original languageEnglish
Pages (from-to)1360-1366
Number of pages7
JournalInternational Journal of Scientific Engineering and Technology
Volume3
Issue number11
Publication statusPublished - 1 Nov 2014
Externally publishedYes

Keywords

  • energy
  • uncertainty
  • scenario building
  • Bayasian Networks

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