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Optimal budget planning for investment in safety measures of a chemical company

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  • Sato, Yuji

Abstract

The objective of this study was to develop a framework for optimizing budget planning for investment in safety measures in a chemical company. Decision making for strategic investment for safety is complicated due to the intangible factors that enter into both the evaluation and choice of appropriate safety measures, and the individual situation of plants. This study addressed these issues by combining Linear Programing and Analytic Hierarchy Process, showing how to quantify inherent risks within chemical plants and how to optimize budget planning for safety within a chemical company.

Suggested Citation

  • Sato, Yuji, 2012. "Optimal budget planning for investment in safety measures of a chemical company," International Journal of Production Economics, Elsevier, vol. 140(2), pages 579-585.
    • Handle: RePEc:eee:proeco:v:140:y:2012:i:2:p:579-585
    DOI: 10.1016/j.ijpe.2012.05.030
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    References listed on IDEAS

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    1. O'Brien, C. & Smith, S. J. E., 1993. "Design of the decision process for strategic investment in advanced manufacturing systems," International Journal of Production Economics, Elsevier, vol. 30(1), pages 309-322, July.
    2. Tan, Kim Hua & Noble, James & Sato, Yuji & Tse, Ying Kei, 2011. "A marginal analysis guided technology evaluation and selection," International Journal of Production Economics, Elsevier, vol. 131(1), pages 15-21, May.
    3. Vargas, Luis G., 1990. "An overview of the analytic hierarchy process and its applications," European Journal of Operational Research, Elsevier, vol. 48(1), pages 2-8, September.
    4. Yoram Wind & Thomas L. Saaty, 1980. "Marketing Applications of the Analytic Hierarchy Process," Management Science, INFORMS, vol. 26(7), pages 641-658, July.
    5. Saaty, Thomas L., 1994. "Highlights and critical points in the theory and application of the Analytic Hierarchy Process," European Journal of Operational Research, Elsevier, vol. 74(3), pages 426-447, May.
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    Cited by:

    1. Yongguang Zou & Yuemei He & Weiling Lin & Sha Fang, 2021. "China’s regional public safety efficiency: a data envelopment analysis approach," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 66(2), pages 409-438, April.
    2. Wu, Jiansong & Zhang, Linlin & Bai, Yiping & Reniers, Genserik, 2022. "A safety investment optimization model for power grid enterprises based on System Dynamics and Bayesian network theory," Reliability Engineering and System Safety, Elsevier, vol. 221(C).
    3. Abrahamsen, Eirik Bjorheim & Milazzo, Maria Francesca & Selvik, Jon T. & Asche, Frank & Abrahamsen, HÃ¥kon Bjorheim, 2020. "Prioritising investments in safety measures in the chemical industry by using the Analytic Hierarchy Process," Reliability Engineering and System Safety, Elsevier, vol. 198(C).
    4. Sato, Yuji & Tan, Kim Hua & Tse, Ying Kei, 2015. "An integrated marginal analysis approach for build-to-order products," International Journal of Production Economics, Elsevier, vol. 170(PB), pages 422-428.
    5. Lei Wang & Qing Liu & Tongle Yin, 2018. "Decision-making of investment in navigation safety improving schemes with application of cumulative prospect theory," Journal of Risk and Reliability, , vol. 232(6), pages 710-724, December.
    6. Fan, Di & Lo, Chris K.Y. & Ching, Vincent & Kan, C.W., 2014. "Occupational health and safety issues in operations management: A systematic and citation network analysis review," International Journal of Production Economics, Elsevier, vol. 158(C), pages 334-344.

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