Results from QRA is used to support the understanding of the exposure of risk to employees, the environment, company assets and its reputation, and in turn, allow the company to make cost-effective decisions and manage the risks for the entire asset lifecycle.Continue Reading

QRA is a formal and methodical method to estimate the likelihood and consequence of potential hazards that could lead to major accidents. The output from this assessment is expressed quantitatively as a risk to personnel/human, environment, or financial loss. Critical assumptions and risk driving elements are also identified to asses the robustness and validity of...Continue Reading

Four main types of quantitative research are: 1. Descriptive (current status of an identified variable) 2. Correlational (relationship between 2 or more variables with statistical data) 3. Casual-Comparative/ Quasi-Experimental (cause and effect relationship) 4. Experimental Research (via scientific method)Continue Reading

Quantitative methods are dependant on numbers to express the level of risk. Typically, quantitative risk assessments have more precision for ease of determination of analysis validity. Quantitative risk assessment relies on simple to complex models.Continue Reading

Quantitative analysis is usually done by estimating the likelihood and consequence of hazardous events. The result is considered as an estimated risk to assets, people or the environment.Continue Reading

Risk = consequence x likelihoodContinue Reading

A Semi-QRA is an alternative approach to risk analysis, which highlights the assessment of hazards and barriers, risk influencing factors, and safety improvement measures. The analysis is conducted on the basis of hard data and analysis of failure causes, barrier performance and scenario development.Continue Reading

The first step in any quantitative risk assessment is to identify the hazards present in the process.Continue Reading

By quantifying the risk based on the probability and severity of an event occurrence. Probability refers to the likelihood of occurrence whereas severity refers to the magnitude of the loss.Continue Reading

Individual risk is only considered tolerable only if further risk reduction is impracticable to implement.Continue Reading