Robust analysis of cost-effectiveness in formal safety assessment

Romanas Puisa, Dracos Vassalos

Research output: Contribution to journalArticle

3 Citations (Scopus)

Abstract

The paper probes the robustness of the present method for evaluating the cost-effectiveness (CE) of risk control options, which are identified through the International Maritime Organisation Guidelines on Formal Safety Assessment (FSA). We highlight the deficiencies of the current CE method, undermining its lucidity and consistency in application. The proposed approach outlines a mathematical formulation that neatly integrates all aspects of CE measures along with its application based on the Pareto dominance concept. We benchmark our method against CE results found in the FSAs for cargo and passenger ships, demonstrating the ease of application and clarity of interpretation.
Original languageEnglish
Pages (from-to)370-381
Number of pages12
JournalJournal of Marine Science and Technology
Volume17
Issue number3
Early online date8 Mar 2012
DOIs
Publication statusPublished - 30 Sep 2012

Keywords

  • formal safety assessment
  • risk control option
  • pareto dominance
  • ship design

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