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Bayesian analysis for assessing risks of rotating equipment and its financial loss

The petrochemical industry is equipped with major and rotating equipment, such as storage tanks and pumps, to produce the required outputs. The equipment could pose a high level of risks should the organization failed to provide control and mitigation measures. Risk analysis is a conventional and pr...

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Main Authors: Oktarinanda, Rifky, Norazahar, Norafneeza
Format: Conference or Workshop Item
Language:English
Published: 2020
Subjects:
TP Chemical technology
Online Access:http://eprints.utm.my/id/eprint/89789/1/RifkyOktarinanda2020_BayesianAnalysisforAssessingRisksofRotating.pdf
http://eprints.utm.my/id/eprint/89789/
http://dx.doi.org/10.1088/1757-899X/808/1/012015
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spelling my.utm.897892021-03-04T02:45:47Z http://eprints.utm.my/id/eprint/89789/ Bayesian analysis for assessing risks of rotating equipment and its financial loss Oktarinanda, Rifky Norazahar, Norafneeza TP Chemical technology The petrochemical industry is equipped with major and rotating equipment, such as storage tanks and pumps, to produce the required outputs. The equipment could pose a high level of risks should the organization failed to provide control and mitigation measures. Risk analysis is a conventional and practical technique in identifying hazards and assessing risks associated with equipment. The risk analysis can be integrated with the Bayes's theorem to assess risks of major and rotating equipment. Therefore, this paper presents the use of Bayesian analysis for assessing risks of rotating equipment and its financial loss, specifically in the petrochemical industry. The study begins with developing a cause-and-effect relationship using a Bayesian network. The probability of failure of equipment and its financial loss can be analyzed based on the Bayesian network. The cause-and-effect relationship could also reveal human factors contributing to the probability of failure of equipment. This paper focuses on an accident involving pumps during maintenance activity in the petrochemical plant. The human factors issues contributing to the accident and the financial loss are inadequate procedures and poor work processes. 2020-03-31 Conference or Workshop Item PeerReviewed application/pdf en http://eprints.utm.my/id/eprint/89789/1/RifkyOktarinanda2020_BayesianAnalysisforAssessingRisksofRotating.pdf Oktarinanda, Rifky and Norazahar, Norafneeza (2020) Bayesian analysis for assessing risks of rotating equipment and its financial loss. In: 8th Conference on Emerging Energy and Process Technology 2019, CONCEPT 2019, 27 November 2019 through 28 November 2019, Kuala Lumpur, Malaysia. http://dx.doi.org/10.1088/1757-899X/808/1/012015
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
language English
topic TP Chemical technology
spellingShingle TP Chemical technology
Oktarinanda, Rifky
Norazahar, Norafneeza
Bayesian analysis for assessing risks of rotating equipment and its financial loss
description The petrochemical industry is equipped with major and rotating equipment, such as storage tanks and pumps, to produce the required outputs. The equipment could pose a high level of risks should the organization failed to provide control and mitigation measures. Risk analysis is a conventional and practical technique in identifying hazards and assessing risks associated with equipment. The risk analysis can be integrated with the Bayes's theorem to assess risks of major and rotating equipment. Therefore, this paper presents the use of Bayesian analysis for assessing risks of rotating equipment and its financial loss, specifically in the petrochemical industry. The study begins with developing a cause-and-effect relationship using a Bayesian network. The probability of failure of equipment and its financial loss can be analyzed based on the Bayesian network. The cause-and-effect relationship could also reveal human factors contributing to the probability of failure of equipment. This paper focuses on an accident involving pumps during maintenance activity in the petrochemical plant. The human factors issues contributing to the accident and the financial loss are inadequate procedures and poor work processes.
format Conference or Workshop Item
author Oktarinanda, Rifky
Norazahar, Norafneeza
author_facet Oktarinanda, Rifky
Norazahar, Norafneeza
author_sort Oktarinanda, Rifky
title Bayesian analysis for assessing risks of rotating equipment and its financial loss
title_short Bayesian analysis for assessing risks of rotating equipment and its financial loss
title_full Bayesian analysis for assessing risks of rotating equipment and its financial loss
title_fullStr Bayesian analysis for assessing risks of rotating equipment and its financial loss
title_full_unstemmed Bayesian analysis for assessing risks of rotating equipment and its financial loss
title_sort bayesian analysis for assessing risks of rotating equipment and its financial loss
publishDate 2020
url http://eprints.utm.my/id/eprint/89789/1/RifkyOktarinanda2020_BayesianAnalysisforAssessingRisksofRotating.pdf
http://eprints.utm.my/id/eprint/89789/
http://dx.doi.org/10.1088/1757-899X/808/1/012015
_version_ 1693725946031374336
score 13.211869

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