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Benefit/Cost Ratio in Systems Engineering: Integrated Models, Tests, Design, and Production.

DE2005313301

Publication Date	2004
Personal Author	Nitta, C.; Logan, R.; Chidester, S.; Foltz, M. F.
Page Count	18
Abstract	We have previously described our methodology for quantification of risk and risk reduction, and the use of risk, quantified as a dollar value, in the Value Engineering and decision tradeoff process. In this work we extend our example theme of the safety of reactive materials during accidental impacts. We have begun to place the validation of our impact safety model into a systems engineering context. In that sense, we have made connections between the data and the trends in the data, our models of the impact safety process, and the implications regarding confidence levels and reliability based on given impact safety requirements. We have folded this information into a quantitative risk assessment, and shown the assessed risk reduction value of developing an even better model, with more model work or more experimental data or both. Since there is a cost incurred for either model improvement or testing, we have used a Benefit/Cost Ratio metric to quantify this, where Benefit is our quantification of assessed risk reduction, and cost is the cost of the new test data, code development, and model validation.
Keywords	Materials testing Benefit cost analysis Reactor safety Lawrence Livermore National Laboratory Models Metrics Design Distribution functions Probablity Reliability Risk assessment Simulation Testing Validation
Source Agency	Technical Information Center Oak Ridge Tennessee
Corporate Authors	Lawrence Livermore National Lab., CA.; Department of Energy, Washington, DC.
Supplemental Notes	Sponsored by Department of Energy, Washington, DC.
Document Type	Technical Report
NTIS Issue Number	200518

Benefit/Cost Ratio in Systems Engineering: Integrated Models, Tests, Design, and Production.

Benefit/Cost Ratio in Systems Engineering: Integrated Models, Tests, Design, and Production.
DE2005313301

Publication Date	2004
Personal Author	Nitta, C.; Logan, R.; Chidester, S.; Foltz, M. F.
Page Count	18
Abstract	We have previously described our methodology for quantification of risk and risk reduction, and the use of risk, quantified as a dollar value, in the Value Engineering and decision tradeoff process. In this work we extend our example theme of the safety of reactive materials during accidental impacts. We have begun to place the validation of our impact safety model into a systems engineering context. In that sense, we have made connections between the data and the trends in the data, our models of the impact safety process, and the implications regarding confidence levels and reliability based on given impact safety requirements. We have folded this information into a quantitative risk assessment, and shown the assessed risk reduction value of developing an even better model, with more model work or more experimental data or both. Since there is a cost incurred for either model improvement or testing, we have used a Benefit/Cost Ratio metric to quantify this, where Benefit is our quantification of assessed risk reduction, and cost is the cost of the new test data, code development, and model validation.
Keywords	Materials testing Benefit cost analysis Reactor safety Lawrence Livermore National Laboratory Models Metrics Design Distribution functions Probablity Reliability Risk assessment Simulation Testing Validation
Source Agency	Technical Information Center Oak Ridge Tennessee
Corporate Authors	Lawrence Livermore National Lab., CA.; Department of Energy, Washington, DC.
Supplemental Notes	Sponsored by Department of Energy, Washington, DC.
Document Type	Technical Report
NTIS Issue Number	200518