THE USE OF COST/BENEFIT ANALYSIS IN THE FRAMEWORK OF RISK ANALYSIS: CASE STUDIES OUTSIDE TRANSPORT
This paper describes the use of Quantified Risk Assessment by British Petroleum to address the cost-effectiveness and 'reasonable practicability' of safety improvements. The hazardous nature of BP's operations required risks to be assessed on a consistent basis. BP's method was developed based on the HSE's three band framework for Individual Risk. The derivation and use of 'life valuations' in cost- benefit analysis are discussed. Two case studes are described: a) the fitting of sub-sea isolation valves to offshore oil production platforms, and b) overpressure protection for plant buildings. For the covering abstract of the conference see IRRD 872231.
University College LondonCentre for Transport Studies, Gower Street
London, United Kingdom WC1E 6BT
- HOGH, M S
- Publication Date: 1995-1
- Features: References;
- Pagination: 8 p.
- TRT Terms: Benefit cost analysis; Hazards; Prevention; Risk taking; Safety
- ITRD Terms: 1661: Accident prevention; 226: Cost benefit analysis; 9150: Risk; 2259: Risk taking
- Subject Areas: Safety and Human Factors; Security and Emergencies;
- Accession Number: 00712346
- Record Type: Publication
- Source Agency: Transport Research Laboratory
- Files: ITRD
- Created Date: Oct 24 1995 12:00AM