Risk management is a decision-making process which considers
political, social, economic and engineering factors with relevant
risk assessments relating to a potential hazard in order to
develop, analyse and compare options to facilitate the selection of
the optimal regulatory response for safety from that hazard. Rapid
technological developments, organisational changes and increased
demand for efficiency have all influenced the vulnerability of our
society. As a result, safety and risk management is becoming an
increasingly important field.
Risk Management with Applications from the Offshore Petroleum
Industry presents an in-depth discussion of some fundamental
principles of risk management, related to the use of expected
values, uncertainty handling and risk acceptance criteria. A
decision framework for risk management is developed that provides a
structure for the classification of risk decision problems and a
procedure for the execution of the related decision-making
processes. Several examples from the offshore petroleum industry
are included to illustrate the use of the framework, but it can
also be applied in other areas.
With the inclusion of a risk management framework designed to
achieve better decisions and therefore more desirable outcomes,
Risk Management with Applications from the Offshore Petroleum
Industry is a valuable resource for practitioners in the industry,
engineering managers and regulatory authorities. Graduate students
and researchers in risk management will find this book a
comprehensive reference.
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