A Quantitative Model for Budget Allocation for Investment in Safety Measures
The objective of this study was to develop a quantitative model for budget allocation for investment in safety measures in a chemical plant, for determining the sustainability of the company. Developing the model in conjunction with decision-making on strategic investments for safety is complicated because of the subjective factors that enter into the inspection of chemical plants and the choice of appropriate safety measures. This study addressed this problem by applying the Analytic Hierarchy Process (AHP), showing how to quantify inherent risks within a chemical plant for the optimization of the budget allocation for investment in safety measures. A case study was carried out, which clarified the correlation between safety measures and the degree of risk reduction and guided how to allocate budget for safety measures.
Keywordsbudget allocation investment in safety measures percent complete
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