Quantitative risk analysis (QRA) is a systematic approach for evaluating likelihood, consequences, and risk of adverse events. QRA based on event (ETA) and fault tree analyses (FTA) employs two basic assumptions. The first assumption is related to likelihood values of input events, and the second assumption is regarding interdependence among the events (for ETA) or basic events (for FTA).

Everyday we face decisions that carry an element of risk and uncertainty. The ability to analyse, communicate and control the level of risk entailed by these decisions remains one of the most pressing challenges to the analyst, scientist and manager. This book presents the foundational issues in risk analysis ? expressing risk, understanding what risk means, building risk models, addressing uncertainty, and applying probability models to real problems. The principal aim of the book is to give the reader the knowledge and basic thinking they require to approach risk and uncertainty to support decision making. Presents a statistical framework for dealing with risk and uncertainty. Includes detailed coverage of building and applying risk models and methods. Offers new perspectives on risk, risk assessment and the use of parametric probability models. Highlights a number of applications from business and industry. Adopts a conceptual approach based on elementary probability calculus and statistical theory. Foundations of Risk Analysis provides a framework for understanding, conducting and using risk analysis suitable for advanced undergraduates, graduates, analysts and researchers from statistics, engineering, finance, medicine and the physical sciences, as well as for managers facing decision making problems involving risk and uncertainty.

Methods in Chemical Process Safety, Volume Four focuses on the process of learning from experience, including elements of process safety management, human factors in the chemical process industries, and the regulation of chemical process safety, including current approaches. Users will find this book to be an informative tool and user manual for process safety for a variety of professionals with this new release focusing on Advanced Methods of Risk Assessment and Management, Logic Based Methods for Dynamic Risk Assessment, Bayesian Methods for Dynamic Risk Assessment, Data Driven Methods, Rare Event Risk Assessment, Risk Management and Multi Criteria, and much more. - Helps acquaint the reader/researcher with the fundamentals of process safety - Provides the most recent advancements and contributions on the topic from a practical point-of-view - Presents users with the views/opinions of experts in each topic - Includes a selection of authors who are leading researchers and/or practitioners for each given topic

Amid a plethora of challenges, technological advances in science and engineering are inadvertently affecting an increased spectrum of today’s modern life. Yet for all supplied products and services provided, robustness of processes, methods, and techniques is regarded as a major player in promoting safety. This book on systems reliability, which equally includes maintenance-related policies, presents fundamental reliability concepts that are applied in a number of industrial cases. Furthermore, to alleviate potential cost and time-specific bottlenecks, software engineering and systems engineering incorporate approximation models, also referred to as meta-processes, or surrogate models to reproduce a predefined set of problems aimed at enhancing safety, while minimizing detrimental outcomes to society and the environment.

This book focuses on discussing the issues of rating scheme design and risk aggregation of risk matrix, which is a popular risk assessment tool in many fields. Although risk matrix is usually treated as qualitative tool, this book conducts the analysis from the quantitative perspective. The discussed content belongs to the scope of risk management, and to be more specific, it is related to quick risk assessment. This book is suitable for the researchers and practitioners related to qualitative or quick risk assessment and highly helps readers understanding how to design more convincing risk assessment tools and do more accurate risk assessment in a uncertain context.

Mathematics—Advances in Research and Application: 2012 Edition is a ScholarlyEditions™ eBook that delivers timely, authoritative, and comprehensive information about Mathematics. The editors have built Mathematics—Advances in Research and Application: 2012 Edition on the vast information databases of ScholarlyNews.™ You can expect the information about Mathematics in this eBook to be deeper than what you can access anywhere else, as well as consistently reliable, authoritative, informed, and relevant. The content of Mathematics—Advances in Research and Application: 2012 Edition has been produced by the world’s leading scientists, engineers, analysts, research institutions, and companies. All of the content is from peer-reviewed sources, and all of it is written, assembled, and edited by the editors at ScholarlyEditions™ and available exclusively from us. You now have a source you can cite with authority, confidence, and credibility. More information is available at http://www.ScholarlyEditions.com/.