THE QUANTITATIVE MEASUREMENT OP PROCESS SAFETY

TCDLB

THE QUANTITATIVE MEASUREMENT OP PROCESS SAFETY
The risks associated with the Chemical Industry cannot be completely eliminated. Consequently there is a need to define an acceptable level of risk. In some cases, however, one cannot achieve this level by reasonable means. A practical and realistic approach is described whereby the consequences of an incident can be assessed in financial terms. The probable frequency of the incident can also be assessed and the incident cost can then be expressed as an annual cost. This annual cost could be reduced by a variety of preventive or protective measures and these can also be expressed as an annual cost. The suggested course of action would be to implement the measures which gave the minimum total annual cost of preventive or protective measures plus incident cost adjusted to take account of the reduced risk.