GRAPHICAL RISK-BASED PERFORMANCE MEASUREMENT AND BENCHMARKING SYSTEM AND METHOD
First Claim
1. A computer-implemented method for computing the risk of pre- and post-project incidents comprising the steps of:
- collecting incident data;
computing total loss for pre- and post-project incidents;
computing a frequency of the pre- and post-project incidents;
computing a severity of the pre- and post-project incidents;
computing a risk of the pre- and post-project incidents using the frequency and severity of the pre- and post-project incidents; and
generating of a frequency-severity framework with iso-risk curves.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method provides analysis of pre- and post-project effects on frequency and severity of operational loss. The method includes the computation of the frequency of incidents and the severity of incidents for equipment based on recorded incident data. Risk, a function of frequency and severity, is calculated before and after a project to determine if the project has changed the risk of an incident in a piece of equipment or facility and if the project has changed the nature of risk (i.e. increasing severity while decreasing frequency). The method may be used to compute forecast estimates of future operational losses, assess goals for improving current performance relative to demonstrated industry performance, and determine statistical confidence intervals of forecast such that risk, and changes in risk, may be visually quantified and communicated.
15 Citations
27 Claims
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1. A computer-implemented method for computing the risk of pre- and post-project incidents comprising the steps of:
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collecting incident data; computing total loss for pre- and post-project incidents; computing a frequency of the pre- and post-project incidents; computing a severity of the pre- and post-project incidents; computing a risk of the pre- and post-project incidents using the frequency and severity of the pre- and post-project incidents; and generating of a frequency-severity framework with iso-risk curves. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13)
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14. A system comprising:
a server, comprising; a processor, a storage subsystem; a database stored by the storage subsystem comprising; incident data; and a computer program stored by the storage subsystem, when executed causing the processor to; collect incident data; compute the total loss for pre- and post-project incidents; compute the frequency of the pre- and post-project incidents; compute the severity of the pre- and post-project incidents; compute the risk of the pre- and post-project incidents using the frequency and severity of the pre- and post-project incidents; and construct a visual representation of a frequency-severity framework with iso-risk curves; and render the frequency, severity, and risk of the validated incident data on the visual representation. - View Dependent Claims (15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
Specification