Risk-based oil spill response planning for the south coast of Newfoundland
LE3 .A278 2019
Bachelor of Business Administration
The south coast of Newfoundland is one of the most popular marine oil transportation regions, and millions of tonnes of fuel products and petroleum are shipped along the coastline of Newfoundland. Extensive use of marine oil transportation in this area imposes great risks to the local environment, economy and local communities. To improve preparedness against the imposed risks, this study employs a two-stage stochastic linear programming model with conditional value-at-risk (CVaR) as a risk measure to optimize the response activities to oil spills. The use of CVaR as a risk measure allows oil spill response operators to incorporate their risk attitudes in decision making. The required data was collected from Transport Canada and was applied to a linear programming model under different oil spill scenarios. The numerical results of this model show that risk attitude of operators is critical in determining the optimal oil spill response planning.
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