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Operational Safety Economics : a Practical Approach focused on the Chemical and Process Industries.

Author: Genserik L L Reniers; H R Noel Van Erp
Publisher: Newark : Wiley, 2016.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Describes how to make economic decisions regading safety in the chemical and process industries -Covers both technical risk assessment and economic aspects of safety decision-making -Suitable for both academic researchers and practitioners in industry -Addresses cost-benefit analysis for safety investments.
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Reniers, Genserik L.L.
Operational Safety Economics : A Practical Approach focused on the Chemical and Process Industries.
Newark : Wiley, ©2016
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Genserik L L Reniers; H R Noel Van Erp
ISBN: 9781118871515 1118871510 9781118871546 1118871545 9781118871539 1118871537
OCLC Number: 956649480
Notes: 4.1.9 Impact of Intuition on Decision-making.
Description: 1 online resource (339 pages)
Contents: Cover; Title Page; Copyright; Contents; Preface; Disclaimer; Acknowledgements; List of Acronyms; Chapter 1 Introduction; 1.1 The ""Why"" of Operational Safety; 1.2 Back to the Future: the Economics of Operational Safety; 1.3 Difficulties in Operational Safety Economics; 1.4 The Field of Operational Safety within the Profitability of an Organization; 1.5 Conclusions; References; Chapter 2 Operational Risk, Operational Safety, and Economics; 2.1 Defining the Concept of Operational Risk; 2.2 Dealing with Operational Risks; 2.3 Types of Operational Risk. 2.4 The Importance of Operational Safety Economics for a Company2.5 Balancing between Productivity and Safety; 2.6 The Safety Equilibrium Situation or ""HRO Safety""; 2.6.1 HRO Principle 1: Targeted at Disturbances; 2.6.2 HRO Principle 2: Reluctant for Simplification; 2.6.3 HRO Principle 3: Sensitive toward Implementation; 2.6.4 HRO Principle 4: Devoted to Resiliency; 2.6.5 HRO Principle 5: Respectful for Expertise; 2.7 The Egg Aggregated Model (TEAM) of Safety Culture; 2.8 Safety Futures; 2.9 The Controversy of Economic Analyses. 2.10 Scientific Requirements for Adequate Economic Assessment Techniques2.11 Four Categories of Data; 2.12 Improving Decision-making Processes for Investing in Safety; 2.13 Conclusions; References; Chapter 3 Economic Foundations; 3.1 Macroeconomics and Microeconomics; 3.2 Safety Demand and Long-term Average Cost of Production; 3.2.1 Safety Demand; 3.2.2 Long-term Average Cost of Production and Safety; 3.3 Safety Value Function; 3.4 Expected Value Theory, Value at Risk, and Safety Attitude; 3.4.1 Expected Value Theory; 3.4.2 Value at Risk; 3.4.3 Safety Attitude; 3.5 Safety Utilities. 3.5.1 Safety Utility Functions3.5.2 Expected Utility and Certainty Equivalent; 3.6 Measuring Safety Utility Functions; 3.7 Preferences of Safety Management --
Safety Indifference Curves; 3.8 Measuring Safety Indifference Curves; 3.8.1 Questionnaire-based Type I Safety Indifference Curves; 3.8.2 Problems with Determining an Indifference Curve; 3.8.3 Time Trade-off-based Safety Utilities for Type II Safety Indifference Curves; 3.9 Budget Constraint and n-Dimensional Maximization Problem Formulation. 3.10 Determining Optimal Safety Management Preferences within the Budget Constraint for a Two-dimensional Problem3.11 Conclusions; References; Chapter 4 Operational Safety Decision-making and Economics; 4.1 Economic Theories and Safety Decisions; 4.1.1 Introduction; 4.1.2 Expected Utility Theory; 4.1.3 Prospect Theory; 4.1.4 Bayesian Decision Theory; 4.1.5 Risk and Uncertainty; 4.1.6 Making a Choice Out of a Set of Options; 4.1.7 Impact of Affect and Emotion in the Process of Making a Choice between Alternatives; 4.1.8 Influence of Regret and Disappointment on Decision-making.

Abstract:

Describes how to make economic decisions regading safety in the chemical and process industries -Covers both technical risk assessment and economic aspects of safety decision-making -Suitable for both academic researchers and practitioners in industry -Addresses cost-benefit analysis for safety investments.

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