Quantitative Risk Analyses In The Process Industries: Methodology, Case Studies, And Cost-Benefit Analysis
Credit To: https://www.iomosaic.com/
by: Pierre Palmberg, Pantektor AB (Sweden)
& Neil Prophet, ioMosaic Corporation (USA)
Abstract
This presentation demonstrates the quantitative risk analysis technique as applied to process industries, with references to several case studies. Demonstration of successful execution, how these studies assisted in reducing overall risk, and the cost-benefit aspect will be addressed. Types of hazardous consequences which can contribute to overall risk will be outlined as well, including fire, toxic and explosive effects. The effect of likelihood is addressed in terms of mechanical failure rates, meteorological data, population densities, and ignition probabilities. Quantitative risk analysis is a widely accepted technique within the chemical and process industries. It has been adopted to form legislative requirements in many countries within Europe and Asia. Quantitative risk analysis typically assesses the risk to society as a whole, or to individuals affected by process operations.
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