This paper proposes a risk-based process performance assessment methodology using loss functions. The proposed method helps to overcome the existing challenges in assessing impacts of deviations of process variables on safety and economy of a process operation. The inverted Beta loss function is used to incorporate the effects of process deviations on the safety and quality losses. The demand rate adjustment factor is used to model the effect of process deviations on the failure probability of safety systems. The probability of a failed process state due to abnormal events is continuously updated based on the current value of the characteristic variables. The use of the loss function approach in combination with probability updating provides a continuously revised risk estimation. Such a real-time risk profile provides a leading performance indicator for decision-making at an operational level. As an example, a temperature surge in a continuous stirred tank reactor is used to demonstrate the efficacy of the proposed methodology.

Item Type:	Refereed Article
Keywords:	loss function, performance analysis, quality loss, risk, safety loss, risk perception, risks, safety engineering, continuous stirred tank reactor, failure probability, loss functions, operational performance, performance analysis, quality loss
Research Division:	Engineering
Research Group:	Engineering practice and education
Research Field:	Risk engineering
Objective Division:	Expanding Knowledge
Objective Group:	Expanding knowledge
Objective Field:	Expanding knowledge in engineering
UTAS Author:	Khan, FI (Professor Faisal Khan)
ID Code:	120703
Year Published:	2014
Web of Science® Times Cited:	21
Deposited By:	NC Maritime Engineering and Hydrodynamics
Deposited On:	2017-08-30
Last Modified:	2017-11-03
Downloads:	0