Risk Assessment and Decision Making


Course Description

  • Oil production activities contain many hazardous scenarios which could cause Catastrophic disasters such as loss of asset, human fatalities or injuries and environmental pollutions. Essence of designing a safe process and delivering sustainable performance makes an efficient risk management plan necessary for promoting safety in hazardous industries such as oil production. Risk management activities including hazard identification and risk assessment support decision makers to manage the relevant risks and take appropriate actions to reduce the critical risks levels and contribute sustainable development.
  • Different decision making methods based on risk assessment and management will be introduced. Various case studies related to oil and gas disciplines will be reviewed.

Course Objectives

  • Understand various risks related to oil & gas industry.
  • Be able to use qualitative risk assessment techniques in practical applications.
  • Identify hazards and their impacts in different industries.
  • Become familiar with risk assessment methods and analysis.
  • Become familiar with risk management concept and application in oil and gas systems.
  • Apply various risk assessment and management tools.
  • Understand different sources of risk and risk factors.
  • Develop creative risk management strategies.
  • Become familiar with risk modeling techniques and decision models.
  • Explore the range of tools, techniques and processes available to improve risk management practices.
  • Become familiar with new options and approaches for risk assessment and management in engineering systems.

Who Should Attend?

  • Petroleum Engineers.
  • Supervisors.
  • Managers.
  • Executives.
  • Prospective implementers of risk management.

Course Schedule


(The Theoretical Background and Basic Concepts)

  • The Concept of Risk & Hazard.
  • Risks in oil industry.
  • Probability/likelihood and Uncertainty.
  • Types of variable.
  • Sources of Uncertainty with application on oil & gas industry.
  • Quantifying the effect of variable uncertainties.
  • Project Life Cycle.


·         (Qualitative Risk Assessment Techniques)

  • Check lists.
  • HAZID (Hazard Identification).
  • Preliminary Hazard Analysis (PHA).
  • “What-IF” Method.
  • Fault Tree Analysis (FTA).
  • Event Tree Analysis (ETA).
  • Failure Mode and Effect Analysis (FMEA).
  • HAZOP (Hazard and Operability Analysis).
  • Monte Carlo Simulation.
  • Risk Ranking Matrix.


·         (Qualitative Risk Assessment Techniques)

  • Use of risk graphs.
  • Process Safety Concepts.
  • Overview of Layer of Protection (LOPA).
  • Application of LOPA.
  • Documentation and example application.
  • Selection of hazard scenarios.


·         (Decision Making Techniques Using Risk Information)

  • The Decision Making Model.
  • The normal planning decision making.
  • Decision making under an emergency situation.
  • Success Factors of the Uncertainty Decision Making Model.
  • Decision tree analysis.


·         (Scenarios and Case Study from Oil & Gas Industry)

  •  A case study will be worked out by the students depending on  their background and applying what been learned in the course.

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