Risk management in operations of petrochemical plants: Can better planning prevent major accidents and save money at the same time?. (November 2016)

• Record Type: Journal Article
• Authors: Damnjanovic, Ivan; Røed, Willy
• Is Part Of: Journal of loss prevention in the process industries. Volume 44(2016:Nov.)
• Page Start: 223
• Page End: 231
• Publication Date: 2016-11
• Subjects: Risk management -- Project planning -- Hydrocarbon leak -- Major accident; Chemical industries -- Safety measures -- Periodicals; 660.2804
• DOI: 10.1016/j.jlp.2016.09.012
• Languages: English
• ISSNs: 0950-4230

Abstract

Abstract: This paper presents an argument that improvement in operational safety can be achieved concurrently with increased operational efficiency. This is a fundamentally different viewpoint on the investment in safety. Traditionally, the cost of providing safety barriers is offset by the expected benefits of reducing the occurrence and severity of accidents. Our approach departs from this method of accounting for safety improvements and focuses on planning as a means of managing systems' response uncertainty and consequently reducing both major accident risk and the cost of operations. The scope of the paper is limited to interventions such as maintenance and repairs and defined in the context of major accident prevention e.g. hydrocarbon leaks. However, the developed methodology is general enough to be applied across the spectrum of process industry facilities and operations. Highlights: Many safety professionals are asked; "Why should we spend the limited resources on reducing risks that are highly unlikely?" A traditional answer is that substantial resources can be justified: "If you think safety is expensive, try an accident!" We provide a different argument: It is possible to improve safety and save money at the same time. Better planning reduces both the expected cost and the probability of an accident.