Chemical plant innovative safety investments decision-support methodology

Cost Profile of Membranes That Use Polymers of Intrinsic Microporosity (PIMs)

Assessing the financial impact of polymers of intrinsic microporosity, otherwise known as PIMs, at the lab scale has been impeded by the absence of a holistic approach that would envelop all related financial parameters, and most importantly any indirect costs, such as laboratory accidents that have been consistently neglected and undervalued in past assessments. To quantify the cost of PIMs in relation to the risks befalling a laboratory, an innovative cost evaluation approach was designed. This approach consists of three stages. Firstly, a two-fold “window of opportunity” (WO) theory is suggested, dividing the total cost profile into two segments, followed up by a qualitative risk analysis to establish the potential cost components. The last stage builds on a total cost of ownership model, incorporating the two types of WO. The total cost of ownership (TCO) approach was selected to ascertain the costs and construct the cost profile of PIMs, according to laboratory experimental data. This model was applied to the synthesis and physicochemical characterization processes. The quantitative analysis revealed that the most influential parameters for synthesis are accidents and energy costs. This is in contrast with the physicochemical characterization process, where the most important determinant is the energy cost.

An approach for optimal allocation of safety resources: using the knapsack problem to take aggregated cost-efficient preventive measures

On the basis of the combination of the well-known knapsack problem and a widely used risk management technique in organizations (that is, the risk matrix), an approach was developed to carry out a cost-benefits analysis to efficiently take prevention investment decisions. Using the knapsack problem as a model and combining it with a well-known technique to solve this problem, bundles of prevention measures are prioritized based on their costs and benefits within a predefined prevention budget. Those bundles showing the highest efficiencies, and within a given budget, are identified from a wide variety of possible alternatives. Hence, the approach allows for an optimal allocation of safety resources, does not require any highly specialized information, and can therefore easily be applied by any organization using the risk matrix as a risk ranking tool.