Abstract
Reducing safety risk is an important priority for all industrial plants. However, it can be difficult to select a risk management portfolio from a large number of options when there is a constraint on capital expenditure. In this work, a mixed-integer linear programming model is developed for the optimal deployment of risk reduction systems, taking into cost constraints and multiple time periods. Results from the solved model can then be visualized graphically via a composite curve to facilitate analysis and communication. The model is useful for industrial scenarios involving selecting risk reduction systems with capital expenditure constraints. The new method is demonstrated with a literature example, where a portfolio is determined from 13 risk reduction options across three time periods, each with its own maximum allocated budget. Two scenarios are considered with different capital expenditures for each period. The methodology itself can be readily generalized to similar applications assuming that the required input data is available.
