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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
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    File URL: http://dx.doi.org/10.1287/mnsc.30.4.512
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    References listed on IDEAS

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    1. Ian I. Mitroff, 1972. "The Myth of Objectivity OR Why Science Needs a New Psychology of Science," Management Science, INFORMS, vol. 18(10), pages 613-618, June.
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    Cited by:

    1. 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.
    2. 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.

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    Keywords

    risk assessment; chemical storage;

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