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Quantitative Risk Analysis Techniques Part 1

Last time I involved in quantitative risk analysis (QRA) project in LNG regasification facility as supporting process engineer. Actually, I did not involve in QRA project itself, but I involved in back pressure study. In order to get to know about this field, I want to share you some basics quantitative risk analysis techniques as mentioned in several literatures, such as BS EN standards and AiChE publications.

Quantitative Risk Analysis is a procedure to accommodate management with event scenarios, measure of likelihood, and magnitute of potential losses. After risk analysis, we want to manage the risk by several means.

  • Reduce the frequency of accidents
  • Reduce the consequence of accidents
  • Provide insurance 

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