Page 356 - Pipeline Risk Management Manual Ideas, Techniques, and Resources

Risk Management

Contents Cost ofmitigation 151344
Land-use issues 151344
X Costs 15 344
Introduction 15’331 Cost nsk relationships 15
Applications 151332 Estimating costs of mitigati
Measurement tool 1513 33 Costirisk curve 15 345
Cumtilati.rcrisk 151333 Costhcncfit of route alternatives 151345
Changes over time 151334 Efficiciicies 15’346
Cumulative risk example I51334 Costit isk modeling 15’346
Acceptdblerisk 15 334 Cost ofaccident\ 15‘347
Societal versus individual n\k 151335 I’alue ofhuman life I51347
Risk criteria 151336 Rate of spending 151347
Qualitative cnteria I51337 XI. Program adminirtration 151348
ALARPprinciple 151337 Organi7ation 15/348
Examples of numerical criteria 151339 Control documents 15/349
Studies 151340 Program elements 15\34
“One in a million” as acceptance criteria 15134 1 Process elcments 15 350
Decision points 15’341 Scope of risk analysir 151350
Numerical criteria 1 5/341 Definitions of the RMP Procedure 151350
Data-based critena 151341 Riskassessment model 15’350
Precedent-bascd critena 151342 Risk control and decision support 151350
Continuou\ improieinent 15 342 Rclatcd procedure\ 151352
Risk mitigation 15 342 XI. Risk communications I51352
Wherc to start 151342 Communi~dtions benefits I51352
Prioritiidtion 151343 The conimunicatoi I5 352
Resource allocation 151343 Audience considerations 1.51353
Mitigation optionc 15’343 Risk coinpansons 15’355
Conaequencc-dominated riski 151343 Comparisons \n itb other inodec of tran\portation and
risks I5 355

1. Introduction Risk management implies the need for judgment of risk lev-
els, perhaps by the establishment of “acceptable” or “tolerable”
Once a risk assessment has been completed and the results risk levels. This is an enormously complex issue. This chapter
analyzed (see Chapter 8), the natural next step is risk manage- discusses but will not resolve nor even do justice to the many
ment: “What, if anything, should be done about this risk pic- high-quality books and countless articles written on the sub-
ture that has now been painted?” This chapter explores some ject. Nor will the following paragraphs fully explore the many
techniques and issues regarding the management of pipeline and often subtle socioeconomic, political, and philosophical
risks. aspects of decisions regarding risks. Rather, the intention here