Performance Visualization in Industrial Systems for Informed Decision Making. Issue 11 (2018)

• Record Type: Journal Article
• Authors: Shah, L.A.; Etienne, A.; Siadat, A.; Vernadat, F.B.
• Is Part Of: IFAC-PapersOnLine. Volume 51:Issue 11(2018)
• Page Start: 552
• Page End: 557
• Publication Date: 2018
• Subjects: Information Visualization -- Value -- Risk measures -- Performance Measurement Systems -- Decision Support; Automatic control -- Periodicals; 629.805
• DOI: 10.1016/j.ifacol.2018.08.376
• Languages: English
• ISSNs: 2405-8963

Abstract

Abstract: Information visualization is a key component of many decision support tools in sciences and engineering. Graph is a visual construct that is widely used to model information for visualization. In this paper, a value-risk graph is proposed to visualize the results of value-risk based performance measurement systems (PMSs). The proposed graph for PMS divides the overall performance of industrial systems into distinct zones to facilitate the decision-making process. The upper bound, lower bound, and target value of each measure are decided by the performance evaluator and, then, transformed into normalized values using value theory principles. The aggregation of normalized measures along value and risk lines when combined defines "highly desirable", "feasible", "risky", and "unacceptable" zones. Scenario performance data when plotted on the graph visualize the overall performance of the system in terms of value and risk. The proposed decision-making value-risk graph is illustrated with an example dealing with manufacturing process design but it can be applied to any kind of system evaluation.