?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpure.iiasa.ac.at%2Fid%2Feprint%2F4501%2F&rft.title=A+Decision+Model+for+the+Risk+Management+of+Hazardous+Processes&rft.creator=Holmberg%2C+J.&rft.description=We+formulate+a+decision+model+for+the+risk+management+of+hazardous+processes+as+an+optimization+problem+of+a+point+process.+The+essential+features+of+the+model+are%3A+long-term+(process+lifetime)+objective+function+which+is+a+risk-averse+utility+function%2C+a+dynamic+risk+model+(marked+point+process+model)+representing+the+stochastic+process+of+events+observable+or+unobservable+to+the+decision-maker+and+a+long-term+control+variable+guiding+the+selection+of+optimal+solutions+for+short-term+problems.+%0D%0A%0D%0AThe+model+is+demonstrated+by+a+case+study+of+a+hazardous+process+with+reparable+safety+systems%2C+such+as+a+nuclear+power+plant.+The+short-term+decision+problem+of+the+case+study+is+whether+it+is+sometimes+beneficial+to+temporarily+shut+the+process+down+in+order+to+cut%2C+off+the+high+risk+periods.+The+long-term+decision+problem+is+to+optimize+a+long-term+control+variable+that+determines+which+decision+alternative+is+preferred+in+a+case+of+increased+risk+in+the+process%3A+(1)+to+shut+the+process+down+during+the+repair+time+or+(2)+to+continue+the+operation.+Several+long-term+strategies+are+analysed+and+compared.+As+a+solution+approach+for+the+optimization+problem%2C+we+use+the+stochastic+quasi-gradient+procedure.&rft.publisher=WP-95-095&rft.date=1995-09&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=en&rft.identifier=https%3A%2F%2Fpure.iiasa.ac.at%2Fid%2Feprint%2F4501%2F1%2FWP-95-095.pdf&rft.identifier=++Holmberg%2C+J.++(1995).++A+Decision+Model+for+the+Risk+Management+of+Hazardous+Processes.+++IIASA+Working+Paper.+IIASA%2C+Laxenburg%2C+Austria%3A+WP-95-095+++++