Quantitative Risk Analysis (QRA)

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QRA provides numerical estimates that allow the client to understand risk exposure to people, business and environment. It includes potential releases of hazardous material, their consequences and frequency of occurrence.

Identifying hazards is only the first step in a comprehensive safety plan. Evaluating the safety risk is an important part in managing these hazards in an objective manner. QRA evaluates both the likelihood and impact of an unplanned event and allows a business decision to be made on the most cost-effective risk reduction solutions. Effectively managing risks can result in cost savings because it can reduce business interruptions, limit injuries to personnel and prevent damage to equipment.

Our solution
VELOSI uses a phased approach to QRA, in which hazards are identified first, and then relevant consequences are modeled. The consequences with the potential to cause harm or damage are analyzed to estimate the likely frequency of occurrence and other possible associated risks.

VELOSI divides the QRA study into two (2) main phases:

1. Preliminary phase

The main objective of this phase is to ensure that the client personnel and relevant authorities fully understand and agree upon the detailed QRA methodology. Then the following activities can be executed: familiarization, presentation of a detailed QRA methodology and a methodology report.

2. Detailed QRA phase

The detailed ORA phase involves more in-depth work in the following areas:

  • Safety management system
  • Data collection
  • Hazard identification
  • Frequency estimation
  • Generic data
  • Event tree analysis
  • Consequence modeling
  • Risk ranking
  • Risk reduction
  • ALARP analysis
  • Reporting

Some of the benefits of the QRA method are as follows:

  • Quantitative results, including factoring in uncertainty for tasks and the total Project.
  • Identification of the important contributors to uncertainty according to task and total project.
  • Identification of potential risk reduction actions.
  • Identification of key boundary conditions.
  • Compliance with the requirements for the management of project risks.