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Risk Assessment in a Chemical Storage Facility

Author

Listed:
  • Raymond F. Boykin

    (Monsanto, 800 N, Lindbergh Boulevard, St. Louis, Missouri 63167)

  • Raymond A. Freeman

    (School of Business, Saint Louis University, St. Louis, Missouri 63108)

  • Reuven R. Levary

    (School of Business, Saint Louis University, St. Louis, Missouri 63108)

Abstract

A risk assessment was performed to assist in the evaluation of equipment improvements for a chemical storage facility. The risk assessment was accomplished through the use of several different methodologies e.g., fault tree analysis, event trees, and risk perspective techniques. The result of the study was a new alternative for a chemical storage facility. This new alternative eliminated the requirement for a large storage facility and reduced the capital project cost by over 10 million dollars.

Suggested Citation

  • Raymond F. Boykin & Raymond A. Freeman & Reuven R. Levary, 1984. "Risk Assessment in a Chemical Storage Facility," Management Science, INFORMS, vol. 30(4), pages 512-517, April.
    • Handle: RePEc:inm:ormnsc:v:30:y:1984:i:4:p:512-517
    DOI: 10.1287/mnsc.30.4.512
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    Citations

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    Cited by:

    1. E. Borgonovo & C. L. Smith, 2011. "A Study of Interactions in the Risk Assessment of Complex Engineering Systems: An Application to Space PSA," Operations Research, INFORMS, vol. 59(6), pages 1461-1476, December.
    2. S. Cucurachi & E. Borgonovo & R. Heijungs, 2016. "A Protocol for the Global Sensitivity Analysis of Impact Assessment Models in Life Cycle Assessment," Risk Analysis, John Wiley & Sons, vol. 36(2), pages 357-377, February.
    3. Emanuele Borgonovo & Veronica Cappelli & Fabio Maccheroni & Massimo Marinacci, 2015. "Risk Analysis and Decision Theory: Foundations," Working Papers 556, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    4. Bennett, Joanna C. & Bohoris, George A. & Aspinwall, Elaine M. & Hall, Richard C., 1996. "Risk analysis techniques and their application to software development," European Journal of Operational Research, Elsevier, vol. 95(3), pages 467-475, December.
    5. Emanuele Borgonovo & Alessandra Cillo & Curtis L. Smith, 2018. "On the Relationship between Safety and Decision Significance," Risk Analysis, John Wiley & Sons, vol. 38(8), pages 1541-1558, August.
    6. Emanuele Borgonovo & Alessandra Cillo, 2017. "Deciding with Thresholds: Importance Measures and Value of Information," Risk Analysis, John Wiley & Sons, vol. 37(10), pages 1828-1848, October.

    More about this item

    Keywords

    risk assessment; chemical storage;

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