Simultaneous treatment of environmental and financial risk in process design
by Saran Janjira, Rathanawan Magaraphan, Miguel J. Bagajewicz
International Journal of Environment and Pollution (IJEP), Vol. 29, No. 1/2/3, 2007

Abstract: In this paper, we propose a new measure for environmental risk and discuss a way of considering it simultaneously with financial risk. Instead of using single numbers to define environmental risk, we propose to use the cumulative probability of emissions, similarly to the cumulative distributions of profit used for financial risk. We also propose to use a risk surface as a generalisation of the known one-dimensional risk representation through cumulative probabilities and we show how different risks can be handled with this scheme. As an example, we use a catalytic reforming unit where CO₂ and benzene emissions are of concern.

Online publication date: Thu, 15-Mar-2007

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