Recently, the continuing operation of nuclear power plants has become a major controversial issue in Korea. Whether to continue to operate nuclear power plants is a matter to be determined considering many factors including social and political factors as well as economic factors. But in this paper we concentrate only on the economic factors to make an optimum decision on operating nuclear power plants. Decisions should be based on forecasts of plant accident risks and large and small accident data from power plants. We outline the structure of a decision model that incorporate accident risks. We formulate to decide whether to shutdown permanently, shutdown temporarily for maintenance, or to operate one period of time and then periodically repeat the analysis and decision process with additional information about new costs and risks. The forecasting model to predict nuclear power plant accidents is incorporated for an improved decision making. First, we build a one-period decision model and extend this theory to a multi-period model. In this paper we utilize influence diagrams as well as decision trees for modeling. And bayesian statistical approach is utilized. Many of the parameter values in this model may be set fairly subjective by decision makers. Once the parameter values have been determined, the model will be able to present the optimal decision according to that value.