Risk Management: With Applications from the Offshore Petroleum Industry (Springer Series in Reliability Engineering)

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.