Decision‐making regarding safety investments: A case study of fluidized‐bed reactors

Abstract

AbstractIn chemical plants, the pressure to prioritize production and minimize operating costs often leads to delays in safety investments. To allocate limited management resources effectively, decision‐making regarding safety investments must follow a logical approach. This article outlines how engineers can provide valuable information to the management, enabling them to make informed decisions. We demonstrate that decision‐making involves both technical and economic considerations, following a well‐defined process with distinct stages. This study highlights the importance of technical data in making informed decisions regarding safety investments. Decision makers must consider various factors, including risk assessment, economic efficiency, technology reliability, and construction safety. In addition, economic efficiency considerations should incorporate new proposals that account for environmental profit/loss. Our findings confirm that effectiveness of the proposed method, particularly when applied to fluidized‐bed reactors. In conclusion, accurate allocation of management resources at appropriate times leads to reasonable risk reduction.