A combined usage of stochastic and quantitative risk assessment methods in the worksites: Application on an electric power provider |
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Authors: | PK Marhavilas DE Koulouriotis |
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Affiliation: | a Dep. of Electrical & Computer Engineering, Democritus Univ. of Thrace, Xanthi, Greece b Dep. of Production & Management Engineering, Democritus Univ. of Thrace, Xanthi, Greece |
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Abstract: | An individual method cannot build either a realistic forecasting model or a risk assessment process in the worksites, and future perspectives should focus on the combined forecasting/estimation approach. The main purpose of this paper is to gain insight into a risk prediction and estimation methodological framework, using the combination of three different methods, including the proportional quantitative-risk-assessment technique (PRAT), the time-series stochastic process (TSP), and the method of estimating the societal-risk (SRE) by F-N curves. In order to prove the usefulness of the combined usage of stochastic and quantitative risk assessment methods, an application on an electric power provider industry is presented to, using empirical data. |
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Keywords: | Quantitative risk assessment Stochastic processes Time series Societal risk FN curves Risk criteria |
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