A Quantitative Risk Assessment (QRA) is a formal and systematic risk analysis approach to quantifying the risks associated with the operation of an engineering process. A QRA is an essential tool to support the understanding of exposure of risk to employees, the environment, company assets and its reputation. A QRA also helps to make cost effective decisions and manages the risks for the entire asset lifecycle.
OBJECTIVES FOR A QRA STUDY
- To identify the hazards associated with a facility
- To determine the potential frequencies and consequences of the identified hazards
- To determine the system availability of the protection systems
- To quantify the risks associated with a facility (e.g. Risk Contours, Individual Risk Per Annum (IRPA), Potential Loss of Life (PLL) and F-N Plots)