Risks of Risk Decisions

Science ◽  
1980 ◽  
Vol 208 (4448) ◽  
pp. 1114-1119 ◽  
Author(s):  
Chauncey Starr ◽  
Chris Whipple

The analytical approaches utilized for evaluating the acceptability of technological risk originate from analogies to financial cost-benefit risk analysis. These analogies appear generally valid for viewing risk from a societal basis, but are not applicable to individual risk assessments. Conflicts arising from these different views of risk assessment provide insights to the origins of individual, intuitive evaluations. Societal risk decisions made under conflict represent political compromises, and the resulting decision process creates substantial conflict costs. The pragmatic use of quantitative risk criteria (safety targets) may be useful in reducing these costs.

Author(s):  
Dongliang Lu ◽  
Alex Tomic ◽  
Shahani Kariyawasam

Abstract Risk assessment is the process of risk analysis and evaluation. It is a required component of pipeline integrity management programs (IMP) and is generally the first step in most IMPs. For the risk assessment of natural gas pipelines, the primary concern is the safety of population near the pipeline right of way (ROW). TC Energy’s SWRA uses a quantitative risk assessment model that considers the effect of the thermal radiation due to ignited pipeline rupture and evaluate the consequence on the surrounding population. The overall risk is then evaluated using two specific risk criteria: societal risk and individual risk, with the societal risk measuring the overall level of risk to a community or a group of people and the individual risk measuring the level of risk to specific individuals who are present within the pipeline hazard zone. Natural gas pipeline systems often extend hundreds or even thousands of miles. As such, societal risk criteria for pipelines are typically defined based on a given length of pipeline segment, usually in 1 km or 1 mile (1.6 km). To assess the societal risk of actual pipelines, different approaches are taken on how the risk along the length of a pipeline should be aggregated and compared to the criteria. For example, the PD8010-3 standard in the UK recommends the societal risk of a pipeline through a community to be aggregated and then normalized to the unit length to be compared with criteria; whereas the Dutch regulation requires societal risk at the worst location to be used. In the current SWRA, the societal risk along the length of a pipeline going through development areas or communities is aggregated following the recommendation of the UK PD8010-3, where the risk is aggregated and normalized to the pipeline length. Due to the vast scale of the pipeline system, it is impractical to manually review all development along the pipelines for conducting societal risk assessment on a system wide basis. As such, extent of communities and development areas is determined by a computer program using a simple set of rules. It was found to have led to unsatisfying granularity in the societal risk assessment in certain situations, with some interaction lengths being too long and thus failing to identify the more critical section within the interaction length, and certain development lengths being too short and thus not very meaningful from a societal risk perspective. To overcome issues with the current societal risk assessment method in SWRA, an alternative method largely following the direction of the Dutch approach is introduced in this paper. In this alternative approach, the societal risk is evaluated continuously along a pipeline with a predefined a sliding length, and thus variations in the societal risk levels along the entire length of a pipeline, including the locations with the highest societal risk levels, can be identified. Implantation details and computational efficiency were discussed. The results from the alternative method were compared to that from the current method. The sensitivity of the sliding length method to the predefined sliding length was also investigated. The study showed that this alternative method improves the accuracy and granularity of the societal risk assessment in the SWRA, and, although it is relatively computational commanding, with an efficient implementation, is still practical even for very large gas transmission systems.


2020 ◽  
Vol 20 (6) ◽  
pp. 1573-1593
Author(s):  
Marco Broccardo ◽  
Arnaud Mignan ◽  
Francesco Grigoli ◽  
Dimitrios Karvounis ◽  
Antonio Pio Rinaldi ◽  
...  

Abstract. The rapid increase in energy demand in the city of Reykjavik has posed the need for an additional supply of deep geothermal energy. The deep-hydraulic (re-)stimulation of well RV-43 on the peninsula of Geldinganes (north of Reykjavik) is an essential component of the plan implemented by Reykjavik Energy to meet this energy target. Hydraulic stimulation is often associated with fluid-induced seismicity, most of which is not felt on the surface but which, in rare cases, can be a nuisance to the population and even damage the nearby building stock. This study presents a first-of-its-kind pre-drilling probabilistic induced seismic hazard and risk analysis for the site of interest. Specifically, we provide probabilistic estimates of peak ground acceleration, European microseismicity intensity, probability of light damage (damage risk), and individual risk. The results of the risk assessment indicate that the individual risk within a radius of 2 km around the injection point is below 0.1 micromorts, and damage risk is below 10−2, for the total duration of the project. However, these results are affected by several orders of magnitude of variability due to the deep uncertainties present at all levels of the analysis, indicating a critical need in updating this risk assessment with in situ data collected during the stimulation. Therefore, it is important to stress that this a priori study represents a baseline model and starting point to be updated and refined after the start of the project.


2004 ◽  
Vol 67 (9) ◽  
pp. 2058-2062 ◽  
Author(s):  
ROBERT L. BUCHANAN ◽  
SHERRI DENNIS ◽  
MARIANNE MILIOTIS

Management of risk analysis involves the integration and coordination of activities associated with risk assessment, risk management, and risk communication. Risk analysis is used to guide regulatory decision making, including trade decisions at national and international levels. The U.S. Food and Drug Administration Center for Food Safety and Applied Nutrition (CFSAN) formed a working group to evaluate and improve the quality and consistency of major risk assessments conducted by the Center. Drawing on risk analysis experiences, CFSAN developed a practical framework for initiating and managing risk assessments, including addressing issues related to (i) commissioning a risk assessment, (ii) interactions between risk managers and risk assessors, and (iii) peer review.


2019 ◽  
Author(s):  
Marco Broccardo ◽  
Arnaud Mignan ◽  
Francesco Grigoli ◽  
Dimitrios Karvounis ◽  
Antonio Pio Rinaldi ◽  
...  

Abstract. The rapid increase in energy demand in the city of Reykjavik has posed the need for an additional supply of hot water from deep geothermal energy. The deep hydraulic (re-)stimulation of well RV-43 on the peninsula of Geldinganes (north of Reykjavik) is an essential component of the plan implemented by Reykjavik Energy to meet this energy target. Hydraulic stimulation is often associated with fluid-induced seismicity, most of which is not felt on the surface, but which, in rare cases, can cause nuisance to the population and even damage to the nearby building stock. This study presents a first of its kind pre-drilling probabilistic induced-seismic hazard and risk analysis for the site of interest. Specifically, we provide probabilistic estimates of peak ground acceleration, European microseismicity intensity, probability of light damage (damage risk), and individual risk. The results of the risk assessment indicate that the individual risk within a radius of 2 km around the injection point is below 0.1 micromorts, and damage risk is below 10−2, for the total duration of the project. However, these results are affected by several orders of magnitude of variability due to the deep uncertainties present at all levels of the analysis, indicating a critical need in updating this a-priory risk assessment with in-situ data collected during the stimulation.


2014 ◽  
Vol 891-892 ◽  
pp. 1047-1052
Author(s):  
Ribelito F. Torregosa ◽  
Wei Ping Hu

This paper illustrates a technique that may be used to evaluate the risk of structural failure of each aircraft in a fleet when a crack has been detected in a particular member aircraft, or the risk of failure for that member has become too high. When a crack is detected, the calculated risk of failure for other aircraft in the fleet will increase significantly, and the aircraft operators need to decide which aircraft should be temporarily grounded for unscheduled inspection and which ones be allowed to fly. The proposed method applies the Bayesian inference to update the risk assessment by updating the equivalent initial flaw size distribution, which is one of the key inputs for risk analysis. To illustrate the method, a hypothetical fleet aircraft is considered and the single flight probability of failure of each aircraft in the fleet is revised after the occurrence of a failure in one fleet aircraft.


2010 ◽  
Vol 143-144 ◽  
pp. 116-119
Author(s):  
Jia Jun Li ◽  
Li Ping Qin ◽  
Jia Zhao

To achieve low costs and better accuracy of individual risk assessments, we constructed a practical method based on multiple classifiers. The method includes many singal classifiers, such as decision trees and the cluster analysis. And we tested it empirically. The result shows that the application of the method can achieve better accuracy than any single classifier of it.


Author(s):  
Garth Davies ◽  
Sara Doering ◽  
Christine Neudecker

The following chapter provides an overview of approaches and tactics commonly used in programs developed to counter radicalization and violent extremism, with a particular emphasis on the role of risk/threat assessments used within existing programs. The purpose of this chapter is to understand to what extent existing radicalization prevention, deradicalization, and disengagement programs are using some form of individual-level risk assessment for terrorism or other forms of violence, or if any psychological assessments or interventions are used. The results indicate that the overwhelming majority of current programs do not explicitly include individual risk assessments. This is a critical oversight, one which hampers the potential efficacy of disengagement efforts.


2010 ◽  
pp. 117-120
Author(s):  
Vilmos Wágner

Aim of financial statements’ risk analysis is to optimally allocate the audit resources. That optimum point can be reached, if we achieve maximum possibility of recovery of material risks. There are more than one procedures exist for researching of optimum point or risk assessment in other word, and they are needed to use even parallel. In order to take into consideration effects of risk we need to measure them somehow. At risk assessments risks are usually some kind of result of impact and possibility. Knowledge and measurement of impacts and possibilities are far not enough for assessment of certain risks. In this study I will present a possible usable risk assessment methodology for financial audit activities with using Multi Attribute Utility Theory (MAUT in the followings).


Risk analysis has emerged in recent years as a technique that allegedly aids decision-making in respect of the choice between alternative investments, especially energy investments. Once it is recognized that the term ‘risk’ has at least two characteristics - the probability of the event’s occurrence and its associated magnitude if it does occur - the perception of risk as a composite entity becomes important. This perception must be translated into some formulation of the way in which individuals ‘trade-olf’ probability and magnitude if risk analysis is to have a role in decision-making. But this in turn entails the requirement that we know the nature of this trade-off (the utility function) and how to aggregate from individuals to society. Even where probabilities can be established, perceptions of the magnitude of the event will differ. It is therefore not possible to standardize the outcomes to which probabilities are attached in the manner adopted by most risk analyses. The paper argues that the only proper approach is through the search for the indirect revelation of individuals’ preference for both the risks of the projects in question and their associated benefits. Formulated in this way, risk analysis becomes a sub-category of cost-benefit analysis and is not in itself a means of evaluating projects.


2008 ◽  
Vol 56 (S 1) ◽  
Author(s):  
B Osswald ◽  
G Thomas ◽  
U Tochtermann ◽  
V Gegouskov ◽  
D Badowski-Zyla ◽  
...  

Sign in / Sign up

Export Citation Format

Share Document