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

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

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Article ID: iaor201111231
Volume: 97
Issue: 1
Start Page Number: 36
End Page Number: 46
Publication Date: Jan 2012
Journal: Reliability Engineering and System Safety
Authors: ,
Keywords: time series: forecasting methods, energy
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 FN 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.

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