Risk measures for pipeline safety

In the present study, risk measures such as personal risk, expected loss, and F-N curves are compared against novel risk measures such as Value-at-Risk (VaR), Conditional Value-at-Risk (CvaR), and expected utility.Selected risk measures are assessed for their compatibility to use under two different decision-making conditions; (1) to demonstrate acceptable risk to external stakeholders, and (2) to optimize asset management.For this purpose, the selected risk measures are evaluated for (1) ease of risk aggregation across asset types and various consequence outcomes; (2) ability to transform risk results to represent multiple time horizons or physical extents; (3) minimizing uncertainty in the estimated risk measure; and (4) ability to apply life-cycle optimization approaches.Outcomes of this study are applicable to life-cycle risk assessment of other critical linear infrastructure such as highways, railways, and high-voltage electrical transmission lines.