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Quantitative Risk Assessment / Safety Study Review

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The development of a Quantitative Risk Assessment (QRA) is an aid to the decision-making process. It is intended to provide effective safety management solutions for ensuring hazardous operations are within tolerable levels of risk. By prioritizing its hazards and identifying cost-effective methods of improving standards, QRA can be used to improve safety.

Based on the event failure frequency data, escalation routes and mitigation measures, the risks for the operation under review are calculated and results are used to identify areas of concern. Some of the main uses of this assessment is to help:

  • Efficient site improvement

  • Show authorities that risks are tolerable

  • Layout of new or expanding sites

  • Internal use to identify higher risk areas

BC methodology is a transparent presentation of the consequences and risks as they develop stage-by-stage and escalate.

 

In other words, the method allows to see the contributors of risk at the different stages of evolution of a Loss Of Containment (LOC) scenario, and to plan against the scenario should it occur.

This transparency allows tracing back to the initiating scenario, and as the computer time is short, it is easy to perform many sensible “what if…” runs, testing the effect of design modifications; i.e., sensitivity runs. This is a robust and validated approach for identifying which target locations and which contributing hazardous scenarios are susceptible for a more detailed study, which are the best candidates of Layers of Protection (LOP) (if required), and also which Risk Reduction Factor (RRF) should ensure; i.e., reliability.

The degree of detail of the obtained results, and BC’s expertise for their interpretation maximize the efficacy of the decision-making process; i.e., minimizing the actual risk by ensuring the most cost-effective solutions.

 

Accurate Calculations, Robust Results, and Elegant Cost-Effective Solutions