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Correlation and dependency in multivariate process risk assessment

Citation

Hashemi, SJ and Ahmed, S and Khan, FI, Correlation and dependency in multivariate process risk assessment, Proceedings of the 9th IFAC Symposium on Fault Detection, Supervision and Safety for Technical Processes SAFEPROCESS 2015, 2-4 September 2015, Paris, France, pp. 1339-1344. ISSN 2405-8963 (2015) [Refereed Conference Paper]

Copyright Statement

Copyright 2015 IFAC

DOI: doi:10.1016/j.ifacol.2015.09.711

Abstract

Process safety and risk assessment are often multidimensional and hence require the joint modeling of several potentially correlated random variables. Any effort to address the correlation among the input variables is important and could improve the accuracy in practical applications of risk assessment models. This paper discusses the problems with correlated variables used in risk assessment and presents a copula-based technique to model dependency among variables to improve uncertainty analysis. Using the copula approach, capturing the dependence structure among different risk factors and estimating the univariate risk marginals can be separated. This advantage simplifies the overall risk estimation for systems with multiple dependent risk sources. The advantage of the copula-based framework for generalization over the traditional correlation analysis technique is demonstrated using a case study. Methods are also presented for copula selection and estimation of the copula parameters.

Item Details

Item Type:Refereed Conference Paper
Keywords:copula estimation, copula function, correlation coefficients, dependence, safety analysis, distribution functions, fault detection, plant management, risk perception, safety engineering, uncertainty analysis, copula functions, dependence
Research Division:Engineering
Research Group:Interdisciplinary Engineering
Research Field:Risk Engineering (excl. Earthquake Engineering)
Objective Division:Expanding Knowledge
Objective Group:Expanding Knowledge
Objective Field:Expanding Knowledge in Engineering
Author:Khan, FI (Professor Faisal Khan)
ID Code:120475
Year Published:2015
Deposited By:NC Maritime Engineering and Hydrodynamics
Deposited On:2017-08-25
Last Modified:2017-10-17
Downloads:0

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