Integrating Economic and Safety Perspectives in Risk Management a Necessity for Success?

Integrating economic and safety perspectives in risk management – A necessity for success?

Time and location:

Time: Monday 31 October 2016

Location: Måltidets hus (Ipark), Richard Johnsens gate 4, Stavanger, Norway

Seminar fee:
NOK 2000
Registration deadline:
12 October 2016.

Registration:
Registration form
by e-mail to:

Seminar description:

Among experts there are different views on how to find the right balance between safety for personnel and economic values. Many economists prefer to use a traditional cost-benefit analysis as basis for such decisions. All attributes are then transformed into one comparable unit, and decisions are strongly made with reference to a calculated ENPV. Among safety experts, traditional cost-benefit analyses are often rejected as there are too many weaknesses and limitations to justify their use. In addition, safety experts also often argue for stronger weight to the cautionary principle than what is made through expected values.

With reference to the different views among experts on how to balance between economic values and safety and on how much weight that should be given to the uncertainties, we will in this seminar discuss whether economists and the economic thinking is an obstacle for good risk and safety management. Or whether stronger cooperation with the economists is a necessity for a successful management of risk.

Top researchers within the field, both economists and safety experts, will contribute to the seminar.

Seminar time schedule:

Monday 31 October 2016, 0900- 1600

0900 - 0910: Welcome

0910 - 0940:Economic Growth and Safety

Frank Asche, Professor, University of Stavanger

0940 - 1010: VSL vs the J-Value approach to valuing safety: an economic critique

Susan Chilton, Professor, Newcastle University

1010 - 1030: Break

1030 - 1100: Can a credible basis for cost-benefit analysis of safety measures be established?

Rune Elvik

1100 - 1130: Some foundational issues related to cost-benefit and risk

Terje Aven, Professor, University of Stavanger

1130 - 1200: On the appropriateness of using the ALARP principle in safety management

Eirik Bjorheim Abrahamsen, Professor, University of Stavanger

1200 - 1300: Lunch

1300 - 1330: Modelling Attitudinal Sensitivity: Synthesizing Safety Culture and Risk Management

Kurt Engemann, Professor, Iona College

1330 - 1400: The Role on On-site Safety Inspections for Improved On-site Safety

Danial Gordon, Professor, University of Calgary

1400 - 1420: Break

1420 - 1450: Integrated Dynamic Decision Analysis – where the logical-probabilistic modelling meets the phenomenology

Micaela Demichela, Professor, University of Torino

1450 - 1520: Concept selection for an upstream development in Tanzania: a weighted ranking case study

Pete Naylor, Head of Decision Risk Analysis, BG Group

1530: End of day