Plant Hazard Analysis and Safety Instrumentation Systems

Appendix VI

Cost Impact Discussion

1.0. General

So far during the discussions, various technical aspects have been covered with main focus on safety instrumented systems (SISs) and life cycle (LC). Naturally, it is clear that there is no substitute for LC studies and SIS to face hazardous conditions. However, nothing in the world is available free of cost. Therefore, LC and SIS efforts will also have some cost impact. In this part, short discussions will be put forward on cost impact on account of LC and SIS. In line with guidelines from HSE. UK cost benefit analysis will be very helpful in assessing whether risk reductions are reasonably practicable. One has to weigh cost and benefit prior to applying risk reduction measure. When cost divided by ...