Publication
Title
An approach for optimal allocation of safety resources : using the knapsack problem to take aggregated cost-efficient preventive measures
Author
Abstract
On the basis of the combination of the well-known knapsack problem and a widely used risk management technique in organizations (that is, the risk matrix), an approach was developed to carry out a cost-benefits analysis to efficiently take prevention investment decisions. Using the knapsack problem as a model and combining it with a well-known technique to solve this problem, bundles of prevention measures are prioritized based on their costs and benefits within a predefined prevention budget. Those bundles showing the highest efficiencies, and within a given budget, are identified from a wide variety of possible alternatives. Hence, the approach allows for an optimal allocation of safety resources, does not require any highly specialized information, and can therefore easily be applied by any organization using the risk matrix as a risk ranking tool.
Language
English
Source (journal)
Risk analysis / Society for Risk Analysis [New York] - New York
Publication
New York : 2013
ISSN
0272-4332
Volume/pages
33:11(2013), p. 2056-2067
ISI
000330107500011
Full text (Publishers DOI)
Full text (publishers version - intranet only)
UAntwerpen
Faculty/Department
Research group
Publication type
Subject
Affiliation
Publications with a UAntwerp address
External links
Web of Science
Record
Identification
Creation 20.11.2013
Last edited 31.03.2017
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