For a fire accident risk analysis. Below is the potential sequence of fire accident and associated Loss with their likelihood of occurrence:

Initiating event, I: Relase of hydrocarbon.

Subsequent event, A: ignition present given a release [P(A|I ) = 0.051]

Given A, subsequent event, B: Fire accident [P(B|I, A ) = 0.003]

Given A and B, subsequent event C: Complete damage of the asset [P(C|I, A, B ) = 0.0005]

Evaluate the probabilities of all possible paths, and the overall expected cost associated with fire accident [15 marks]. Take the cost to be as follows:

- Cost of fire accident: $100,000.

- Cost of repair (when there is no fire): $1,000,000.

- Cost of shut down and repair associated with (when there is fire but partial damage): $10 million.

- Cost associated with complete damage due to fire: $100 million.

Finally, suggest a good way of managing fire accident risk (may provide bullet points of the management actions)