Business View Magazine | Volume 8, Issue 9

71 BUSINESS VIEW MAGAZINE VOLUME 8, ISSUE 9 number of ways, not least of all in terms of how it manages decision-making and risk. “Making decisions is something we all do – but most don’t realize that it, like the computer revolution, has evolved to a sophisticated science that involves uncertainty, different possible futures, and ultimately the value that we derive,” Myers explains. “One of our specialists has a PhD in decision and risk analysis and we work with companies to make better decisions and to do risk assessment more precisely.” PEMY has applied this approach to risk in order to tailor its inspection projects more accurately, codifying new industry standards, like API 580 and API 581, and developing methods that will improve the application of risk-based inspection to tanks. This means that there can be a reduction in the number of leaking tanks and pipes with the same level of effort and resources. PEMY also remains out in front of its competitors in terms of its data analysis. “Data is underutilized in our industry for all sorts of topics ranging from safety to risk analysis, to corrosion,” Myers shares. “A few examples of how we have embraced data analysis are modeling climate effects, such as hurricanes, on terminal facilities, and establishing appropriate design criteria called ‘recurrence intervals’ for serious natural disaster events like high winds, extreme rainfall, flooding, and earthquakes.” While many competitors claim to embrace cutting-edge strategies like data analysis and risk-based inspection, few have the required expertise to carry them out in practice. PEMY Consulting is happy to invest in its personnel to keep pushing the industry forward. And that’s another goal that the company will continue striving to attain. PEMY CONSULT ING