By Terje Aven, Jan-Erik Vinnem
This booklet offers a danger administration framework designed to accomplish higher judgements and more suitable results. It provides an in-depth dialogue of a few primary ideas of danger administration on the topic of using anticipated values, uncertainty dealing with, and possibility recognition standards. numerous examples from the offshore petroleum are incorporated to demonstrate using the framework, however it is usually utilized in different areas.
Read Online or Download Risk Management: With Applications from the Offshore Petroleum Industry (Springer Series in Reliability Engineering) PDF
Similar operations research books
Advances in construction strength learn deals state of the art details at the environmental technology and function of constructions, linking new applied sciences and methodologies with the most recent learn on platforms, simulations and criteria. As stringently reviewed as a magazine yet with the breadth of a ebook, this annual quantity brings jointly invited contributions from the most important overseas specialists on strength potency and environmental caliber of structures.
This e-book offers a chance administration framework designed to accomplish larger judgements and enhanced results. It provides an in-depth dialogue of a few primary rules of chance administration relating to using anticipated values, uncertainty dealing with, and probability reputation standards. a number of examples from the offshore petroleum are integrated to demonstrate using the framework, however it is also utilized in different components.
After the transition to loose economic climate, governments of the previous Soviet republics discovered that during spite of turning into part of the shaky foreign fiscal order, their person monetary luck may be guaranteed through rational nationwide financial guidelines that during addition to the basic legislation of offer and insist govern the industrial mechanism delicate to either exterior and inner phenomena.
- WCOM (World Class Operations Management): Why You Need More Than Lean
- Marketing in Context: Setting the Scene
- Machine Learning for Adaptive Many-Core Machines - A Practical Approach (Studies in Big Data)
- Planning Production and Inventories in the Extended Enterprise: A State-of-the-Art Handbook, Volume 2 (International Series in Operations Research & Management Science)
Extra info for Risk Management: With Applications from the Offshore Petroleum Industry (Springer Series in Reliability Engineering)
We may for example refer to the danger of an accident occurring without reference to a specific interpretation of a probability, either (a) or (b). However, as soon as we address the meaning of such a statement and the issue of uncertainty, we must clarify whether we are adopting interpretation (a) or (b). If there is a real risk level, it is relevant to consider and discuss the uncertainties of the risk estimates compared to the real risk. If probability is a measure of the analyst’s uncertainty, a risk assignment is a judgement and there is no reference to a correct and objective risk level.
Unconditionally, the consequences (X) are uncertain, and this uncertainty is defined by the uncertainties of the factors Z. To study the criterion (iii), suppose that p represents the “real” risk, quantified by the probability distribution of X, and let p* be an estimate of p derived from a detailed risk analysis of the activity. Since the uncertainties in this estimate are considered large, relative to the real p, the precautionary principle may be applied following criterion (iii). We see that using (i), (ii) or (iii), we may arrive at different conclusions.
Essential for the analysis is the distinction between ethics of the mind and ethics of the consequences, which has several implications that are discussed. 1 Perspectives on Risk A common definition of risk is that risk is the combination of probability and consequences, where the consequences relate to various aspects of HES, for example loss of life and injuries. This definition is in line with that used by ISO (2002). , what is called the expected value in probability calculus. If the focus is the number of fatalities during a certain period of time, X, then the expected value is given by E[X], whereas risk defined as the combination of probability and consequence expresses probabilities for different outcomes of X, for example the probability that X does not exceed 10.