Human Reliability Analysis in the Petroleum Industry

Paltrinieri, Nicola; Massaiu, Salvatore; Matteini, Anita

doi:10.1016/b978-0-12-803765-2.00015-9

Cited by 15 publications

(11 citation statements)

References 4 publications

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“…According to Paltrinieri, N., & Khan, F. I. ( 2016), an investment will break even at a given rate when the present value of all future cash flows equals the initial investment, which is called the internal rate of return (IRR) [2]. Financial managers prefer it since it is expressed in percentage terms, they can simply make a comparison between the IRR and the required rate of return, in other words, to estimate the potential profitability of an investment project [3].…”

Section: The Irr Investment Theorymentioning

confidence: 99%

Application Analysis of Internal Rate of Return Capital Budgeting Method in Project Investment Decision-Making

Sun¹

2022

BCPBM

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Capital budgeting is crucial for a company to make the right investment decision. Among the typically used evaluation methods, the net present value and the internal rate of return are the mostly commonly used and preferred. This paper aims to focus on IRR, providing a comprehensive view of IRR that includes its basic characteristic, advantages and disadvantages when using it as the investment creation, as well as the improvements of its modified version MIRR, there will also be a comparison between the NPV and IRR to illustrate their difference. The study could enable the audience a comprehensive understanding of IRR in project appraisal, and whether to choose IRR or NPV as the investment criterion under different circumstances of the project or base on their own preferences. This research can provide more comprehensive and more realistic economic evaluation decision-making information, making the project economic evaluation more scientific.

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Section: The Irr Investment Theorymentioning

confidence: 99%

Application Analysis of Internal Rate of Return Capital Budgeting Method in Project Investment Decision-Making

Sun¹

2022

BCPBM

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“…A detailed integration is necessary for industrial applications. For instance, accurate human reliability indicators may be integrated by the SPAR-H (standardized plant analysis risk-human reliability analysis) method to estimate human error probabilities in the petroleum industry [77][78][79].…”

Section: Peer Reviewmentioning

confidence: 99%

Validation of Dynamic Risk Analysis Supporting Integrated Operations Across Systems

et al. 2019

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Dynamic risk analysis (DRA) is a novel industrial approach that aims to capture changes in operational conditions over time and quantify their effect on risk. This aspect may be advantageous for providing insight into the causal factors that have substantial risk contributions and supporting decisions related to risk control. Some DRA methods were developed by the oil and gas industry to support the integration of work processes and the cooperation across virtual clusters, e.g., between offshore and onshore systems and/or oil company and supplier. However, DRA has not been extensively adopted and limited attention is given to its validity in practical applications. The objective of this article is to illustrate how this validity can be established based on common validation approaches for risk analysis. The case study focuses on a DRA method named risk barometer that was developed to support integrated operations across the oil and gas industrial systems. The outcome of this study may serve as a basis for the validation of other DRA methods, the use of DRA in practical cases, and ultimately the achievement of integrated operations (IO) capabilities.

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“…More collaboration among companies and academia and authorities can also be seen. The second trend is concerned with making risk assessments less static and more dynamic (Paltrinieri and Khan, 2016). Dynamic risk analyses include advanced mathematical-based techniques being developed in the academia including Markov chains (Shu and Zhao, 2014), Event sequence diagrams (Zhou et al, 2016), Petri-nets (Zhou and Reniers, 2016a,b,c), and Bayesian Networks Khakzad, 2015;Khakzad and Reniers, 2016;Khakzad and Reniers, 2015a).…”

Section: Current Evolutionary Trends To Improve Safety (And Security)...mentioning

confidence: 99%

“…During the past decade, the attempts in the field of dynamic risk assessment have been made to address factors such as dynamic procedures for atypical scenario identification (including black swan and grey swan events), dynamic hazard identification (as a substitute for conventional static techniques such as FMEA, HAZOP, etc. ), reactive and proactive approaches for probability updating using leading and lagging risk indicators, which in turn would result in a more effective uncertainty modeling, dynamic consequence analysis so as to consider temporal variations of contributing parameters such as vulnerability, economic conditions, etc., and dynamic risk management (for a detail discussion see Paltrinieri and Khan, 2016). Despite remarkable innovations in the field of quantitative risk analysis (QRA) as a tool to improve safety, design, licensing, and operational processes, still methods for uncertainty handling and, more importantly, validation and verification of QRA results are lacking.…”

Section: Safety Innovation and Dynamic Risk Assessmentsmentioning

confidence: 99%

Revolutionizing Safety and Security in the Chemical and Process Industry: Applying the CHESS concept

Reniers¹,

Khakzad²

2017

Journal of Integrated Security Science

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This paper argues that a new concept, summarized as ‘CHESS’, should be used in the chemical industry to further substantially advance safety (where we use the term in a broad sense, that is, safety and physical security, amongst others). The different domains that need to be focused upon, and where innovative initiatives should be taken are Cluster-thinking and cooperation, High transparency and efficient inspections, Education and training, Security integration, and Safety innovation. Since society has fundamentally changed over the last two decades, and ever more hazardous materials are used in chemical sites which are ever more closely situated next to highly-populated areas, revolutionizing safety via the CHESS concept is truly needed in the very near future, both from a safety and a security point of view.

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Human Reliability Analysis in the Petroleum Industry

Cited by 15 publications

References 4 publications

Application Analysis of Internal Rate of Return Capital Budgeting Method in Project Investment Decision-Making

Application Analysis of Internal Rate of Return Capital Budgeting Method in Project Investment Decision-Making

Validation of Dynamic Risk Analysis Supporting Integrated Operations Across Systems

Revolutionizing Safety and Security in the Chemical and Process Industry: Applying the CHESS concept

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