Risk management is a decision-making process which considers political,
social, economic and engineering factors with relevant risk assessments
relating to a potential hazard in order to develop, analyse and compare
options to facilitate the selection of the optimal regulatory response
for safety from that hazard. Rapid technological developments,
organisational changes and increased demand for efficiency have all
influenced the vulnerability of our society. As a result, safety and
risk management is becoming an increasingly important field.
Risk Management with Applications from the Offshore Petroleum Industry
presents an in-depth discussion of some fundamental principles of risk
management, related to the use of expected values, uncertainty handling
and risk acceptance criteria. A decision framework for risk management
is developed that provides a structure for the classification of risk
decision problems and a procedure for the execution of the related
decision-making processes. Several examples from the offshore petroleum
industry are included to illustrate the use of the framework, but it can
also be applied in other areas.
With the inclusion of a risk management framework designed to achieve
better decisions and therefore more desirable outcomes, Risk Management
with Applications from the Offshore Petroleum Industry is a valuable
resource for practitioners in the industry, engineering managers and
regulatory authorities. Graduate students and researchers in risk
management will find this book a comprehensive reference.
