Optimal budget planning for investment in safety measures of a chemical company

Yuji Sato

International Journal of Production Economics, 2012, vol. 140, issue 2, 579-585

Abstract: The objective of this study was to develop a framework for optimizing budget planning for investment in safety measures in a chemical company. Decision making for strategic investment for safety is complicated due to the intangible factors that enter into both the evaluation and choice of appropriate safety measures, and the individual situation of plants. This study addressed these issues by combining Linear Programing and Analytic Hierarchy Process, showing how to quantify inherent risks within chemical plants and how to optimize budget planning for safety within a chemical company.

Keywords: Budget planning; Investment for safety; Quantification; Intangible factor; LP; AHP (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:proeco:v:140:y:2012:i:2:p:579-585

DOI: 10.1016/j.ijpe.2012.05.030

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