Title: Major accident management in the process industry: an expert tool called CESMA for intelligent allocation of prevention investments
Authors: Reniers, Genserik ×
Brijs, Tom #
Issue Date: 2014
Publisher: The Institution
Series Title: Process Safety and Environmental Protection vol:92 issue:6 pages:779-788
Abstract: A tool (called CESMA) was developed to carry out cost–benefit analyses and cost-effectiveness analyses of prevention investments for avoiding major accidents. A wide variety of parameters necessary to calculate both the costs of the considered preventive measures and the benefits related with the avoidance of accidents were identified in the research. The benefits are determined by estimating the difference in (hypothetical) major accident costs without and with the implementation of a preventive measure. As many relevant costs and benefits as possible were included into the tool, based on literature and expert opinion, in order to be able to deliver an all-embracing cost–benefit analysis and cost-effectiveness analysis to assist in the investment decision process. Because major accidents are related to extremely low frequencies, the tool takes the uncertainty of the unwanted occurrence of a major accident into account through the usage of a so-called ‘disproportion factor’. Compared with existing software, the CESMA tool is innovative by striving for an as-accurate-as-possible picture of costs and benefits of major accident prevention, and taking the uncertainties accompanying disastrous events into consideration. Furthermore, an illustrative example of CESMA is presented in the paper.
ISSN: 0957-5820
Publication status: published
KU Leuven publication type: IT
Appears in Collections:Research Centre for Economics and Corporate Sustainability, Campus Brussels
Faculty of Economics and Business (FEB) - miscellaneous
× corresponding author
# (joint) last author

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