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.

Language

  • English

Media Info

  • Features: References;
  • Pagination: 8 p.

Subject/Index Terms

Filing Info

  • Accession Number: 00712346
  • Record Type: Publication
  • Source Agency: Transport Research Laboratory
  • Files: ITRD
  • Created Date: Oct 24 1995 12:00AM