Quantitative risk analysis (QRA) provides numerical estimates that allow a business to understand the risks to which people, the business and the environment are exposed as a result of its activities. A QRA includes potential releases of hazardous material, the consequences and the frequency of occurrence.Identifying hazards is only the first step in a comprehensive safety plan. Evaluating the safety risk is an important part of managing these hazards objectively. 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.
Through this, our client can focus on -
- Provides quantitative results, including factoring in uncertainty for tasks and the total project.
- Identifies the important contributors to uncertainty according to task.
- Identifies potential risk-reduction actions
- Identifies key boundary conditions
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