This presentation outlines the main steps involved in conducting a Quantitative Risk Analysis (QRA) study, and the main inputs and outputs in such a study. It also discusses how closer examination of these results can enable risk analysts to better understand, manage, and mitigate risks at their facility.
Quantitative Risk Analysis as a technique for managing and understanding risks dates back to the 1970s, initially applied in the aerospace, electronics, and nuclear power industries. During the 1980s, the technique was refined and applied to the chemical and petrochemical industries.
Until recently, the level of detail of a QRA study has been limited by the availability of high speed computing resources. Results for course QRA studies were typically presented in terms of overall individual risk, or societal risk, with little opportunity to segment or analyze the risk results in more detail.
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