Application of fmea analysis to the risk assessment in the area of liquid fuel storage management

L. Czwajda , Mariusz Kostrzewski

Abstract

Nowadays, risk management is one of the key issues supporting the right corporate governance process. Entrepreneurs implement it in order to reduce probability of adverse events or circumstances that adversely affect an entrepreneurship objectives. Every business activity operates in area of risk and uncertainty. Companies which operate in the fuel sector that deal with the production and distribution of hazardous substances are exceptionally exposed to mentioned risk and uncertainty. The aim of the paper is to identify and analyze various risk factors affecting the level of liquid fuel stocks in storage facilities using the quality analysis tool, which is the FMEA analysis. The paper also presents the author's mathematical model of the FMEA method, which enables qualitative data to be transformed into quantitative data. The sources of risk are identified, which made it possible to make an illustrative risk assessment that can be made with use of the FMEA analysis. The next step of research that may be conducted is more detailed risk analysis in the context of a specific source of risk. Nevertheless, the presented example allows to look at the risk as a whole, which may also help to determine the correlation of different types of risk.
Author L. Czwajda
L. Czwajda,,
-
, Mariusz Kostrzewski (FT / DCFTE)
Mariusz Kostrzewski,,
- Department of Constrctions Fundamentals of Transport Equipment
Pages70-77
Publication size in sheets0.5
Book Okręglicka M., Korombel A., Lemańska-Majdzik A. (eds.): Proceedings of the 2nd International Conference Contemporary Issues in Theory and Practice of Management 2018, 2018, Politechnika Częstochowska, Wydawnictwo Wydziału Zarządzania Politechniki Częstochowskiej, ISBN 978-83-65951-12-0, 713 p.
Keywords in EnglishFMEA, petroleum products, risk management.
Languageen angielski
Score (nominal)20
Score sourcepublisherList
ScoreMinisterial score = 20.0, 20-10-2019, ChapterFromConference
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