William fine method risk assessment

William Fine Method of Risk Assessment Dropbox Assignment

Problem #1:

There is a pipeline for transport of a solvent throughout an industrial plant. The pipeline does leak a small amount. The company is contemplating replacing the pipeline. The company has the following data about the change: if the pipe bursts, there will be multiple fatalities and more than $500,000 in damage. The leaks occur about twice per week. There is a small chance (coincidence)that the leaks could actually lead to a pipe bursting. The cost to correct the hazard is $19,500. The correction will reduce the hazard by 80%. (There is never zero risk with pipeline). Use the William Fine method to determine:

(a) Risk score and a recommended time frame to correct the hazard

(b) If the cost to correct the hazard is justified.

Show your calculations here:

Problem #2:

There is an old tire building machine which leaks hydraulic fluid. It is so old that parts are no longer available, and maintenance has done all it can to repair the machine. Even with the proper PPE, about once per week, someone slips in the hydraulic fluid and falls. On the average, only minor injuries occur when workers slip and fall. There is a great likelihood that when a person encounters the fluid, they will fall down and hurt themselves. It is estimated to cost over $50,000 to replace the machine; however the hazard will be reduced by about 90%, since there is the remote possibility that a new machine might leak. Use the William Fine Method to determine:

(c) Risk score and a recommended time frame to correct the hazard

(d) If the cost to correct the hazard is justified.

Show your calculations here:

Write your boss a memo about what to do about each of these hazards.