Risk Management With Applications from the Offshore Petroleum Industry

Risk management is a decision-making process which considers various factors with risk assessments relating to a potential hazard, in order to develop regulatory response options. Technological developments, organisational changes and increased demand for efficiency have influenced the vulnerability of our society. Thus, safety and risk management is becoming an important field.

This book discusses some fundamental principles of risk management, related to the use of expected values, uncertainty handling and risk acceptance criteria. A decision framework for risk management is developed that provides a structure for the classification of risk decision problems and a procedure for the execution of the related decision-making processes. Examples from the offshore petroleum industry are included to illustrate the use of the framework.

This book is a valuable resource for graduate students and researchers in risk management, practitioners in the industry, engineering managers and regulatory authorities.

Terje Aven is Professor of Risk Analysis and Management at University of Stavanger, Norway. He is also a Principal Researcher at Rogaland Research, Norway. His professional career includes experience in the petroleum industry (Statoil) in addition to his time in research and education. His research interests include decision support tools, risk management, risk acceptance, reliability and risk analysis methods, and risk assessments reflecting human and organizational factors. He is a member of the Norwegian Academy of Technological Sciences. He has been awarded several prizes for his research and teaching activities.

Jan Erik Vinnem is Professor II of Risk Analysis at University of Stavanger, Norway. He is also a specialist advisor and CEO of Preventor AS, a consultancy to the Norwegian offshore industry. His professional career includes experience in the petroleum industry (Statoil and Total), and work as a private consultant (as the founder of Safetec Nordic AS and Preventor AS), in addition to his time in research and education. His research interests include decision support tools, risk management, risk acceptance, risk analysis methods, and risk assessments reflecting human and organizational factors.