Open AccessPerforming a Risk Analysis Study for Implementing a Biodiesel Plant
Author(s) -
Abdallah S. Elgharbawy
Publication year - 2021
Publication title -
petroleum and petrochemical engineering journal
Language(s) - English
Resource type - Journals
ISSN - 2578-4846
DOI - 10.23880/ppej-16000248
Subject(s) - brainstorming , biodiesel , risk management , risk analysis (engineering) , risk management plan , project risk management , biodiesel production , process (computing) , business , production (economics) , energy security , operations management , project management , engineering , environmental economics , project management triangle , renewable energy , computer science , it risk management , economics , marketing , finance , systems engineering , macroeconomics , chemistry , operating system , biochemistry , catalysis , electrical engineering
Risk as, an uncertain event, or condition that if it occurs, has a positive or negative effect on a project's objective. Risk analysis is done via interviews and brainstorming considering the available and extensive experience of the involved stakeholders. Each identified risk is prioritized through a qualitative risk analysis process considering the probability of occurrence and the impact by project stakeholders. The results of risk management planning processes are used to update/re-plan the project management plan to consider the risk effect on the project. The biodiesel project is very profitable, the economic indicators for the project are very high, and the execution of such a project will strengthen the national economy. Therefore, a biodiesel risk analysis is performed to achieve security for the plant. The depletion of fossil fuel forces the world to look for alternative ways for energy production. The most common way is the production of biodiesel from waste cooking oil. This paper presents a detailed cost analysis for a biodiesel plant with capacity 100,000 ton/year.