An Exploratory Study on the Development of a Crisis Index: Focusing on South Korea’s Petroleum Industry

Abstract

Industrial crises exert considerable influence on a wide range of industries, national economies, and global economic landscapes. The primary objective of this study is to devise a crisis index specifically tailored for the petroleum sector—a vital component of South Korea’s energy industry. An exhaustive analysis of the existing literature was conducted to extract pertinent elements and indicators, and indicator weights were determined using the analytic network process (ANP). Moreover, a combination of qualitative and quantitative methods was employed to rigorously evaluate the validity of the proposed crisis index. The implications derived from this study offer critical insights for stakeholders into the petroleum industry and demonstrate the potential applicability of a crisis index framework for other industries.