A Risk-Based Approach to Plant Design

The success of a project is defined by meeting the financial performance objectives of the business case within a stipulated timeframe. Early in design, little information is normally available; the uncertainty introduces risk to the project outcome. Using a range of risk management tools and techniques, a project can be developed from front end loading phases 1 through 3 (FEL1–FEL3), and project implementation (FEL4) and then into operations with an optimized probability of success. For every project element, the risk management framework embodies: establishing a context; assessing risk (identify, analyze, and evaluate); and treating risk. Embedded within design activities, this process mitigates or eliminates risks. Monitoring and control, as well as extensive communication and consultation with stakeholders, is integral to the risk management process.