RISK MANAGEMENT AND ITS IMPACT ON EFFICIENCY OF SHIP OPERATIONS

This paper examines the influence of risk management on the operational efficiency of ship operations. By examining the efficacy of diverse risk management methodologies, including Bayesian networks and multi-criteria decision models, we illustrate how these techniques can effectively mitigate accidents and associated financial losses. The findings demonstrate that the adoption of international standards, including ISO 31000, MARPOL, and SOLAS, has the effect of significantly improving safety performance while simultaneously reducing costs. The presentation of practical examples demonstrates that companies, which implement comprehensive risk management strategies, experience a reduction in operational disruptions, an enhancement in the utilization of resources and an improvement in profitability.