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Quantitative risk analysis is in principle an ideal method to map one’s risks, but it has limitations due to the complexity of models, scarcity of data, remaining uncertainties, and above all because effort, cost, and time requirements are heavy. Also, software is not cheap, the calculations are not quite transparent, and the flexibility to look at various scenarios and at preventive and protective options is limited. So, the method is considered as a last resort for determination of risks. Simpler methods such as LOPA that focus on a particular scenario and assessment of protection for a defined initiating event are more popular. LOPA may however not cover the whole range of credible scenarios, and calamitous surprises may emerge. In the past few decades, Artificial Intelligence university groups, such as the Decision Systems Laboratory of the University of Pittsburgh, have developed Bayesian approaches to support decision making in situations where one has to weigh gains and costs versus risks. This paper will describe details of such an approach and will provide some examples of both discrete random variables, such as the probability values in a LOPA, and continuous distributions, which can better reflect the uncertainty in data.

@article{ title = {Bayesian networks make LOPA more effective, QRA more transparent and flexible, and thus safety more definable!}, type = {article}, year = {2013}, keywords = {Bayesian networks,Cost–benefit,Process safety,Risk analysis,Software tools}, pages = {434-442}, volume = {26}, websites = {http://www.sciencedirect.com/science/article/pii/S095042301200112X}, month = {5}, id = {cf9c96f4-7932-3f99-bd0e-4103fe4ae475}, created = {2015-04-11T19:52:19.000Z}, accessed = {2015-04-11}, file_attached = {false}, profile_id = {95e10851-cdf3-31de-9f82-1ab629e601b0}, group_id = {35f66ed6-398e-3964-901f-42a3a90aaf10}, last_modified = {2017-03-14T14:28:30.967Z}, read = {false}, starred = {false}, authored = {false}, confirmed = {true}, hidden = {false}, private_publication = {false}, abstract = {Quantitative risk analysis is in principle an ideal method to map one’s risks, but it has limitations due to the complexity of models, scarcity of data, remaining uncertainties, and above all because effort, cost, and time requirements are heavy. Also, software is not cheap, the calculations are not quite transparent, and the flexibility to look at various scenarios and at preventive and protective options is limited. So, the method is considered as a last resort for determination of risks. Simpler methods such as LOPA that focus on a particular scenario and assessment of protection for a defined initiating event are more popular. LOPA may however not cover the whole range of credible scenarios, and calamitous surprises may emerge. In the past few decades, Artificial Intelligence university groups, such as the Decision Systems Laboratory of the University of Pittsburgh, have developed Bayesian approaches to support decision making in situations where one has to weigh gains and costs versus risks. This paper will describe details of such an approach and will provide some examples of both discrete random variables, such as the probability values in a LOPA, and continuous distributions, which can better reflect the uncertainty in data.}, bibtype = {article}, author = {Pasman, Hans and Rogers, William}, doi = {10.1016/j.jlp.2012.07.016}, journal = {Journal of Loss Prevention in the Process Industries}, number = {3} }

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