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William Fine Method of Risk Assignment

William Fine Method of Risk Assignment

Problem #1:

There is a pipeline for transport of a solvent throughout an industrial plant.  The pipeline does leak a small amount.  The company is contemplating replacing the pipeline.  The company has the following data about the change:  if the pipe bursts, there will be multiple fatalities and more than $500,000 in damage.  The leaks occur about twice per week.  There is a small chance (coincidence) that the leaks could actually lead to a pipe bursting.  The cost to correct the hazard is $19,500.  The correction will reduce the hazard by 80%.  (There is never zero risk with pipeline).  Use the William Fine method to determine:

  • Risk score and a recommended time frame to correct the hazard
  • If the cost to correct the hazard is justified.

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Category: Sample Questions