WEV meaning in oil and gas
Definition
Weighted Expectation Value
WEV means Weighted Expectation Value. The WEV of a hypothetical event is the product of the predicted frequency of the event occurring, multiplied by its consequence, expressed in terms of the number of fatalities to the…
The WEV of a hypothetical event is the product of the predicted frequency of the event occurring, multiplied by its consequence, expressed in terms of the number of fatalities to the power 1.5. This risk aversion factor numerically expresses a major oil and gas company's particular aversion to events with higher potential fatality consequences. Reference GP 48-50 on Major Accident Risk.
✓ Verified term