Design of a BIA and Continuity Strategy in BCMS Using a Bayesian Belief Network for the Manufacturing Industry
- Published: Thursday, 14 March 2019 08:06
A new paper by Hojun Lee, published in the Korean Society of Hazard Mitigation, proposes a method to determine four BC indicators by interpreting the correlation between business and continuity indicators and customer satisfaction.
Business impact analysis in BCMS, the maximum acceptable outage (MAO), recovery time objective (RTO), the minimum business continuity objective (MBCO), and full recovery time are dependent on the variables of continuity capabilities, the threat nature and amount of disruption caused, and the stakeholders' needs. This paper proposes a method to determine four business continuity indicators by interpreting the correlation between business and continuity indicators and customer satisfaction, which is explained by applying the Bayesian belief networks (BBN) to a simplified business case of a manufacturing company. This can be applied to determine the BC Strategy that satisfies customer demand through suitable investment for critical risk prevention or for the selection of practical alternative measures for business continuity. It can also be extended to the design of risk management systems in multi-hazard areas, enabling the impact of disruption threats from various causes to be controlled.
The paper is published in Korean but can be read by non-Korean speakers using Google Translate.