Risk-Based Decision Making and Cost-Benefit Analysis

In high-hazard industries, decision-making is rarely simple. Whether selecting between risk reduction measures, investing in safeguards, or prioritizing resources, organizations face the challenge of balancing safety, compliance, operational efficiency, and cost. Risk-based decision making provides a systematic approach to navigate these complexities, helping organizations prioritize actions that mitigate the highest risks.

Risk assessment, when combined with Cost-Benefit Analysis (CBA), provides a powerful framework for making more informed, objective, and defensible decisions. This approach enables organizations to evaluate what could go wrong. Additionally, it can help determine whether proposed actions are worth the investment. Moreover, by applying structured decision analysis techniques, companies can demonstrate regulatory justification and align resources with risk. As a result, they can drive improved performance without overspending or under-protecting.

This one-day course introduces a formal, structured approach to risk-based decision making, with an emphasis on tools and methods for conducting Cost-Benefit Analysis in a process safety context. It is designed for key decision-makers, analysts, and technical professionals who influence or perform risk evaluations and investment decisions.

Throughout the course, participants will explore qualitative and quantitative techniques, learn to apply decision analysis tools, and walk through case studies to see how theory applies in real-world scenarios.