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Fundamentals of Risk Analysis

In: Thermal Power Plant Performance Analysis

Author

Listed:
  • Bilal M. Ayyub

    (University of Maryland)

Abstract

This chapter presents the basic concepts associated with risk analysis of complex systems. The chapter provides definitions and terminology. It discussed quantification of risk in a systems framework. Various methods for risk assessment are discussed, and the risk management and control philosophies are presented. Risk-informed decision making is introduced on the basis of benefit-to-cost analysis. Methods for defining risk acceptance thresholds are provided for various system types from several industries. Also, risk communication methods are briefly described. The concepts presented are suitable for power plant performance improvement and safety. They can be adapted for power plant related applications. Sources are provides at the end of chapter for additional reading and details on risk methods.

Suggested Citation

  • Bilal M. Ayyub, 2012. "Fundamentals of Risk Analysis," Springer Series in Reliability Engineering, in: Gilberto Francisco Martha de Souza (ed.), Thermal Power Plant Performance Analysis, edition 127, pages 147-187, Springer.
    • Handle: RePEc:spr:ssrchp:978-1-4471-2309-5_7
    DOI: 10.1007/978-1-4471-2309-5_7
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