An Approach for Optimal Allocation of Safety Resources: Using the Knapsack Problem to Take Aggregated Cost‐Efficient Preventive Measures
Abstract
On the basis of the combination of the well‐known knapsack problem and a widely used risk management technique in organizations (that is, the risk matrix), an approach was developed to carry out a cost‐benefits analysis to efficiently take prevention investment decisions. Using the knapsack problem as a model and combining it with a well‐known technique to solve this problem, bundles of prevention measures are prioritized based on their costs...
Paper Details
Title
An Approach for Optimal Allocation of Safety Resources: Using the Knapsack Problem to Take Aggregated Cost‐Efficient Preventive Measures
Published Date
Mar 28, 2013
Journal
Volume
33
Issue
11
Pages
2056 - 2067
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