The LQI standard of practice: optimizing engineered safety with the Life Quality Index

Abstract

This paper describes a standard of practice for optimizing engineered safety. The objective in managing risk is to ensure that significant risks are identified and appropriate actions taken to minimize these risks to a reasonably low level. Engineered safety is always determined on the basis of a balance between the cost effectiveness of risk control and the benefits arising from the mitigation of risk. For the net benefit to be positive, whether it accrues to the organization or to society at large, the management of risk entails a process of priority setting, as there are limits on available resources. The net benefit is measured by the consequent increment to the Life Quality Index (LQI). With this approach, enterprises, both public and private, have a more confident and rigorous basis for decision-making and planning engineering projects when life safety is a concern. The evaluation process, the requirements for data to support the analysis, and the major components of the LQI model are illustrated by specific examples. The goal is to promote a fully transparent process, with risk communication integrated at each step, to ensure consistency in practice.