Simulation Analysis for Risk Assessment of Explosions in a Series of Fuel Tanks

Abstract

This paper presents a risk assessment approach for the case of possible explosions in a series oftanks. Explosion occurs in a tank and spreads to the adjacent or neighboring tanks with certain probabilities.An excel simulation procedure is applied to a case problem with a series of three tanks and the level of risksinvolved is determined with possible monetary loss values. The simulation is a useful tool for riskassessment of such cases and can be applied to other related problem areas in industry.