Risk Reduction Optimization of Process Systems under Cost Constraint Applying Instrumented Safety Measures

Tackling uncertainty in safety risk analysis in process systems: The case of gas pressure reduction stations

Industrial plants are subjected to very dangerous events. Therefore, it is very essential to carry out an efficient risk and safety analysis. In classical applications, risk analysis treats event probabilities as certain data, while there is much penurious knowledge and uncertainty in generic failure data that will lead to biased and inconsistent alternative estimates. Then, in order to achieve...

Safety Instrumented Systems - Health Monitoring

The unique SIS-Health Monitoring solution is a set of tools and services that enable industry practitioners to measure the status and health of their safety instruments, analyze their reliability and safety integrity, optimize test intervals, and reduce spurious process trips. In addition, the SISHealth Monitoring solution enables the detection of unexpected trends, the maintenance of test freq...

Fuzzy portfolio optimization under downside risk measures

This paper presents two fuzzy portfolio selection models where the objective is to minimize the downside risk constrained so that a given expected return should be achieved. We assume that the rates of returns on securities are approximated as LR-fuzzy numbers of the same shape, and that the expected return and risk are evaluated by interval-valued means. We establish the relationship between t...

Spurious activations of safety-instrumented systems

Test Cost Constraint Reduction with Common Cost

Test cost is an important issue in cost-sensitive systems. It is what we pay for obtaining a data item of an object. In some applications, there are some common costs and a cost constraint. The common cost is due to the share of the same resources by several tests. The cost constraint is due to limited money, time, or other resources. Recently, the two issues have been addressed independently i...