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