Publication
Title
Risk-informed decision making of safety investments by using the disproportion factor
Author
Abstract
To improve risk informed decision making, a systematic approach is developed. The goal is to analyze and to evaluate safety investments aimed at mitigating and preventing major accidents involving e.g. hazardous materials that might trigger significant financial losses and fatalities. A formulation, explicitly using a disproportion factor, is proposed as a simulation exercise approach to this end. The disproportion factor can be used by any private and public investor to bias decision-makers toward safety. This is especially interesting for deciding about the prevention of high impact low probability (HILP) accidents. Furthermore experimental simulations have been performed on realistic data to test the proposed decision model and to provide general recommendations. Several types of accidents were considered and the impacts of technical and financial parameters on the disproportion factor, possibly making a safety investment profitable from an economic perspective, are also investigated and discussed in this paper.
Language
English
Source (journal)
Process safety and environmental protection / Institution of Chemical Engineers [London] - Rugby
Publication
Rugby : 2016
ISSN
0957-5820
Volume/pages
100(2016), p. 117-130
ISI
000373538700011
Full text (Publisher's DOI)
Full text (open access)
The author-created version that incorporates referee comments and is the accepted for publication version Available from 13.01.2018
Full text (publisher's 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 18.02.2016
Last edited 19.11.2017
To cite this reference