A Quantitative Safety Risk Assessment (QRA) is a valuable tool for determining the risk of the use, handling, transport and storage of dangerous substances.
QRAs are used to demonstrate the risk caused by the activity and to provide the competent authorities with relevant information to enable decisions on the acceptability of risk related to developments on site, or around the establishment.
Quantitative risk assessment is a process that helps organizations to identify, quantify, and manage risks associated with particular decisions. It aims to reduce the likelihood of negative outcomes by taking into account the probability of adverse events occurring, their severity if they occur, and their potential impact if they do occur. Quantitative risk assessment uses probabilistic models to analyze potential threats and vulnerabilities.
The process of quantitative risk assessment involves three main stages:
1) Identifying a action that could potentially lead to an adverse outcome and determining how likely it is that this outcome will occur based on the current state of knowledge about the system or situation.
2) Calculating the probability that this outcome will occur based on available data about past events, ongoing processes, and other factors (e.g., regulatory requirements).
3) Determining which actions need to be taken in order to reduce or eliminate these risks (e.g., by improving product quality standards).
Quantitative risk assessment is a method of determining the probability and severity of an event based on historical data, rather than relying on intuition or other subjective factors. It is often used by insurance companies and government agencies to help them determine how likely it is that the insurance policy will pay out in claims.
Wire consultancy provide quantitative risk assessment for our clients in the Oil and gas, chemical industry and energy sector. We help them to understand the risks associated with their business, and then develop a plan to mitigate those risks.