A combined usage of stochastic and quantitative risk assessment methods in the worksites: Application on an electric power provider

P.K. Marhavilas and D.E. Koulouriotis

Reliability Engineering and System Safety, 2012, vol. 97, issue 1, 36-46

Abstract: An individual method cannot build either a realistic forecasting model or a risk assessment process in the worksites, and future perspectives should focus on the combined forecasting/estimation approach. The main purpose of this paper is to gain insight into a risk prediction and estimation methodological framework, using the combination of three different methods, including the proportional quantitative-risk-assessment technique (PRAT), the time-series stochastic process (TSP), and the method of estimating the societal-risk (SRE) by F–N curves. In order to prove the usefulness of the combined usage of stochastic and quantitative risk assessment methods, an application on an electric power provider industry is presented to, using empirical data.

Keywords: Quantitative risk assessment; Stochastic processes; Time series; Societal risk; FN curves; Risk criteria (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (6)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:reensy:v:97:y:2012:i:1:p:36-46

DOI: 10.1016/j.ress.2011.09.006

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