As monetization of risk becomes more mainstream, values must be assigned to the potential for human injury or fatality. The risk assessor need not generate values himself since such numbers are published in various sources. This includes values that have been used in US government decision-making for years. Here is some example guidance: VSL Guidance 2013 […]
How well do the PHMSA reportable incident consequences track other incident data? More interesting work by Joel Anderson. CoF_multiplot
Absolutely. Even though, unlike its hydrocarbon cousins, no thermal scenarios would be expected from water pipe failures, other consequences are numerous and many are related to the distance from the failure location (hazard zones). Modeling is therefore appropriately done using hazard zones, with both direct and indirect consequence considerations, just as we do for hydrocarbon pipelines.