Quantification Evaluation: Calculating, Classifying and Benchmarking Risk
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In the oil and gas sector, where operations routinely involve hazardous materials and complex industrial systems, risk management is not optional; it's a strategic necessity. Quantitative Risk Assessment ( QRA ) serves as a rigorous, data-based approach that supports safe design, efficient operations, and regulatory compliance. Unlike qualitative tools such as HAZOP and HAZID , QRA quantifies both the frequency and consequences of potential failure events to inform defensible decision-making. It integrates principles from process safety management , hazardous area classification, risk assessment, and industrial best practices to deliver transparent, numerical assessments of risk. Structured QRA Approach. Read: What is Process Safety Management 1. Risk Identification and Modeling The process begins with thorough hazard identification through methods like HAZID and HAZOP. Teams evaluate equipment failures, human errors, process deviations, and external threats. This ensure...