Publication
Title
Empirical validation of a real options theory based method for optimizing evacuations decisions within chemical plants
Author
Abstract
This article empirically assesses and validates a methodology to make evacuation decisions in case of major fire accidents in chemical clusters. In this paper, a number of empirical results are presented, processed and discussed with respect to the implications and management of evacuation decisions in chemical companies. It has been shown in this article that in realistic industrial settings, suboptimal interventions may result in case the prospect to obtain additional information at later stages of the decision process is ignored. Empirical results also show that implications of interventions, as well as the required time and workforce to complete particular shutdown activities, may be very different from one company to another. Therefore, to be optimal from an economic viewpoint, it is essential that precautionary evacuation decisions are tailor-made per company.
Language
English
Source (journal)
Journal of hazardous materials. - Amsterdam
Publication
Amsterdam : 2011
ISSN
0304-3894
Volume/pages
186:1(2011), p. 779-787
ISI
000288102400099
Full text (Publisher's DOI)
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 11.02.2011
Last edited 21.06.2017
To cite this reference