Economic model for tackling intentional domino effects in a chemical facility

Book chapter (2021)

Authors

C. Chen Safety and Security Science - TPM
G.L.L.M.E. Reniers Safety and Security Science - TPM , Universiteit Antwerpen, Katholieke Universiteit Leuven
Research Group
Safety and Security Science (TPM) (TU Delft)
Cost-effectiveness analysis Vulnerability assessment Cost-benefit analysis Integrated protection strategy Intentional domino effects
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Published Date

2021

Language

English

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Faculty

Technology, Policy and Management

Department

Values Technology and Innovation

Research Group

Safety and Security Science

Abstract

The economic issues of risk play an indispensable role in the decision-making process with respect to safety and security management since companies usually face budget limitations. This chapter introduces an economic approach to tackle intentional domino effects in chemical industrial facilities, including threat analysis, vulnerability assessment, cost-benefit analysis, and cost-effectiveness analysis. The vulnerability assessment, on the basis of threat analysis, addresses the vulnerability of installations directly against intentional attacks as well as the vulnerability of installations exposed to possible domino effects induced by the attacks. Net benefit value, net present value, and disproportion factor are quantified in the cost-benefit analysis to determine whether an integrated protection strategy (a combination of safety and security measures) is profitable, or not. Finally, a cost-effectiveness analysis is developed to achieve the most cost-effective protection strategy within budget constraints.