QRA-Quantitative Risk Assessment

Many Years' experience in developing and executing QRA programs that are speciific to process & systems and customised as per organisation's business activity.

QRA- an Intro

Quantitative Risk Assessment is a systematic and numerical approach used to identify, analyse, and evaluate risks by estimating both the probability (frequency) and the consequences (severity) of hazardous events. While qualitative methods expresses the risks as High/Medium/Low, QRA expresses risk in numerical terms, often as probabilities and potential impacts. TRACEZ possesses extensive experience in delivering Quantitative Risk Assessments (QRA) across diverse process systems, encompassing Oil & Gas facilities, water and wastewater systems, chemical and petrochemical industries, as well as power generation and transmission companies

QRA Methodologies

Following are the methodologies used for the development and execution of a QRA program.

Hazard Identification: Identification of potential hazardous events using structured techniques such as HAZID, HAZOP, and review of historical incident data. Frequency Analysis: Estimation of the likelihood or frequency of identified hazardous events based on failure data, operational history, and industry databases.
Consequence Analysis: Assessment of potential consequences arising from hazardous events, including fire, explosion, and toxic release modelling, to evaluate impacts on people, assets, and the environment.
Risk Estimation: Quantification of risk by combining frequency and consequence results to determine individual risk and societal risk levels.
Risk Evaluation: Comparison of calculated risks against risk acceptance criteria defined by regulatory authorities or company standards.
Risk Reduction Measures: Identification and evaluation of additional risk control and mitigation measures to reduce risk to As Low As Reasonably Practicable (ALARP) levelss.

Structure of a QRA report

After collecting the required data, QRA study will be analysed in detail. General structure of a QRA report is given below

Project description
Scope of study
Executive summary
List and details of materials
Objective of study
Use of QRA results
Software used
Methodology adopted for QRA
Hazard and damage criteria
Consequence analysis
Consequence analysis results
Conclusion
Recommendation and mitigation measures
Case studies
References