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Quantitative Risk Assessment (QRA)

Quantitative risk assessment (QRA) is detail analysis of failure rate (or accident) and consequence of failure (or accident) in facility or plant in terms of people safety, both individual fatality and societal fatality and business loss, in oder to operate the plant safely with acceptable risk levels. QRA consider hazards of the plant mainly in terms of fire and explosion and toxicity. Risk mitigation or aversion is quantified by the most cost effective way using cost per casuality averted (CSA) parameter. QRA is applicable for process plant including onshore and offshore oil and gas facility, power plant, gas compressor stations, petrochemical and refinery plant, onshore and offshore pipelines, and the like.  

 

Benefit of QRA

a. Be able to identify various hazards related to fatality and/or business loss. 

b. It improves safety of people and asset along ROW pipeline (in vase of pipeline QRA). 

c. Be able to comply Government rule and regulations concerning people and environmental safety. 

d. Be able to manage risk more cost effcetively.

e. Be able to develop various schemes to mitigate the risk to acceptable levels through decreasing equipment/component failure      rate.