A dynamic and integrated approach of safety investment decision-making for power grid enterprises

Recently, the consequences caused by frequent large-scale power grid accidents are more significant with arousing great attention of power grid enterprises. Scientific safety investments are essential to improve the overall safety level of the power grid enterprises and promote safe production. This study proposed a dynamic and integrated approach for safety investment decision-making of power grid enterprises based on the entropy weight method (EWM) and the system dynamics (SD) theory. By applying the accident loss assessment and the safety performance evaluation, the SD-based model for the safety investment decision-making for power grid enterprises was developed. The results show that risk assessment is the critical factor for power grid safety, followed by safety training, organizational investment, and technological investment. Moreover, the proposed safety investment decision-making model can be continuously updated and optimized with future emerging data to support the dynamic prediction of power grid safety investment.