Category: Risk

Syed Quarishy, Technical Safety and Risk Management Consultant   Risk is often defined as a function of the likelihood that a specified undesired event will occur and the severity of the consequences of the event. Risk is derived from the product of likelihood and potential consequence. Risk in general is a measure of potential economic loss or human injury in terms of the probability of the loss or injury occurring and magnitude of the loss or injury if it occurs. Risk thus comprises of two variables: magnitude of consequences and the probability of occurrence. Quantitative Risk Assessment (QRA) is a dominant analysis tool used for risk management and safety improvement. It provides a rational basis for evaluating process safety with respect to its theoretical and practical limitations. QRA should be used when the available input data are sufficient enough to ensure that valid and robust results will be obtained. To provide results consistent with good industry practice Risk Management Guidelines are often used to...