Risk Assessment in Practice: A Case Analysis of the Pohang Steel Mill in Korea

MinKyung Cho and HongSik Yun ()
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MinKyung Cho: Interdisciplinary Program for Crisis, Disaster and Risk Management, Sungkyunkwan University, Suwon 16419, Republic of Korea
HongSik Yun: School of Civil and Architectural Engineering, Sungkyunkwan University, Suwon 16419, Republic of Korea

Sustainability, 2023, vol. 15, issue 7, 1-14

Abstract: In this study, the case of Pohang Steelworks, a national infrastructure leading the Korean steel industry, was analyzed. Pohang Works, which is a national infrastructure and a national core technology, requires continuous operation, so a risk assessment is required. The survey involved the participation of 30 safety experts from Pohang Works, and additional interviews were conducted to improve the understanding of the survey results. As a result of the qualitative evaluation, the value of the identified risk was obtained, and the value was variable in probability and damage impact. In addition to being prioritized in order of highest risk, they are also placed according to the size of the risk. As a result, the necessary structural and non-structural treatments were proposed for a total of four hazards. Due to the nature of the qualitative evaluation conducted by internal experts, we were able to confirm that internal experts tend to be very aware of and respond to the risks they often face. It is expected that the objectivity of risk assessment results can be increased by adding quantitative methods in future studies. In addition, it is meaningful in that it practically suggests a treatment that focuses on risk management.

Keywords: risk assessment; qualitative evaluation; survey method; priority; risk treatment (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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