Risk Assessment: A Tool to Insure Decision Making In Industrial Projects

Abstract

Summary:

Normally; in factories a modification or extension in the industrial processes or in production halls can be done without consider the generated risk from that modifications or extension, for example change of used heavy fuel to use nature gas as mentioned in the case study, or change of the state can comes from outside as increasing the population density around the factory also as mentioned in the case study, so based on that the decision of the insurance companies or competent authority will not be sufficiently accurate. To address that kind of problems the thesis used the risk assessment methodologies and tools to assess the real generated risk and defined a recommendations to reduce the risk in order to enable the decision maker to take the most accurate decision, that makes risk assessment an effective tool on decision making.