Risk Management: With Applications from the Offshore Petroleum Industry / Edition 1

Risk Management: With Applications from the Offshore Petroleum Industry / Edition 1

by Terje Aven, Jan-Erik Vinnem
     
 

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

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Overview

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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Product Details

ISBN-13:
9781849966382
Publisher:
Springer London
Publication date:
12/10/2010
Series:
Springer Series in Reliability Engineering
Edition description:
Softcover reprint of hardcover 1st ed. 2007
Pages:
200
Product dimensions:
9.21(w) x 6.14(h) x 0.45(d)

Meet the Author

Terje Aven is Professor of Risk Analysis and Management at University of Stavanger, Norway. He is also a Principal Researcher at Rogaland Research, Norway. His professional career includes experience in the petroleum industry (Statoil) in addition to his time in research and education. His research interests include decision support tools, risk management, risk acceptance, reliability and risk analysis methods, and risk assessments reflecting human and organizational factors. He is a member of the Norwegian Academy of Technological Sciences. He has been awarded several prizes for his research and teaching activities.

Jan Erik Vinnem is Professor II of Risk Analysis at University of Stavanger, Norway. He is also a specialist advisor and CEO of Preventor AS, a consultancy to the Norwegian offshore industry. His professional career includes experience in the petroleum industry (Statoil and Total), and work as a private consultant (as the founder of Safetec Nordic AS and Preventor AS), in addition to his time in research and education. His research interests include decision support tools, risk management, risk acceptance, risk analysis methods, and risk assessments reflecting human and organizational factors.

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Table of Contents

Introduction
Risk Management Principles and Methods - Review and Discussion
A Risk Management Framework for Decision Support under Uncertainty
Applications - Concept Optimisation
Applications - Operations Phase
Applications - Choice of Disposal Alternative
Applications - Risk Indicators, National Level
The Success Factors - Discussion
Appendix A - Foundational Issues of Risk and Risk Analysis
Appendix B - Example, ALARP Demonstration

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