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Asset-intensive industries, such as the construction industry, have experienced major catastrophes that have led to significant operational disruptions. Physical asset failure has been the primary cause of these disruptions. Therefore, implementing proper asset management plans, including continuity plans, is crucial for the business continuity of companies active in these industries. However, companies often face severe resource limitations when implementing these plans for all of their physical assets. Therefore, those critical physical assets that are vital for providing their key products should be identified. Moreover, sustainability and resilience are inseparable parts of organizations' strategies, including strategic asset management plans. Therefore, any proposed ranking methodology for physical asset prioritization should encompass sustainability and resilience measures to ensure its practicality. This paper proposes a novel framework for physical asset criticality analysis based on the so-called business impact analysis to ensure the continuity of providing products/services through the continuity of physical assets. A hybrid fuzzy BWM-TOPSIS method is first applied to identify the key products. Then, a hybrid fuzzy DEMATEL-Bayesian network is applied based on proper sustainability and resilience factors to determine the critical physical assets, while interdependencies among these factors are well captured. The normalized expected asset criticality index is defined to guide managers in taking appropriate directions while developing asset management plans. A case study of a gas company is provided to show the applicability of the proposed decision model. The data needed for each step of the framework is gathered through experts' judgments, historical data available on the sites, or quantitative risk assessment scenarios. [ABSTRACT FROM AUTHOR]

• Proposing a physical asset criticality analysis decision model based on BIA. • Risk Appetite and physical asset continuity measures are related. • Defining sub-criteria for impact and likelihood estimation in criticality analysis. The paper tackles the issue of managing physical assets in asset-intensive industries, where continuity plans are crucial for business operations during disruptions. However, resource constraints often hinder companies from implementing these plans for all their assets. Moreover, efforts to maximize resource utilization efficiency and minimize environmental impacts are limited to isolated disciplines, necessitating an integrated approach across natural, social, and technological systems. To address these challenges, this study proposes a framework based on a hybrid fuzzy BWM-TOPSIS methodology for identifying critical physical assets. The framework incorporates Business Impact Analysis (BIA) to determine essential products, a physical asset risk assessment matrix (PARAM) to assess critical assets based on likelihood and impact, and a mathematical model to estimate asset continuity parameters. The framework is applied to a petrochemical company in a case study, offering a guide for estimating the probability and impact of physical asset failure while accounting for inherent uncertainties. By adopting this framework, companies can efficiently manage their physical assets, prioritize continuity plans, and address resource constraints and uncertainties. This research contributes to practical tools and approaches that assist industries in sustaining operations and ensuring business continuity during disruptions. [ABSTRACT FROM AUTHOR]