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Infrastructures 2017, 2(4), 14; https://doi.org/10.3390/infrastructures2040014

Creating Stakeholder Value through Risk Mitigation Measures in the Context of Disaster Management

1
VTT Technical Research Centre of Finland Ltd., 33720 Tampere, Finland
2
Netherlands Organisation for Applied Scientific Research (TNO), 2597 The Hague, Netherlands
*
Author to whom correspondence should be addressed.
Received: 27 July 2017 / Revised: 28 September 2017 / Accepted: 14 October 2017 / Published: 19 October 2017
(This article belongs to the Special Issue Climate Change Effects on Infrastructure)
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Abstract

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. View Full-Text
Keywords: critical infrastructure; extreme weather event; risk mitigation measure; value; value creation; assessment; disaster management; stakeholder critical infrastructure; extreme weather event; risk mitigation measure; value; value creation; assessment; disaster management; stakeholder
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
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Räikkönen, M.; Molarius, R.; Mäki, K.; Forssén, K.; Petiet, P.; Nieuwenhuijs, A. Creating Stakeholder Value through Risk Mitigation Measures in the Context of Disaster Management. Infrastructures 2017, 2, 14.

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