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Quantitative Risk Analysis Techniques Part 3 – Risk Results and Risk Mitigation

In the first part of quantitative risk analysis techniques, we learnt about crucial step of the analysis which are hazard identification and cause and frequency analysis. In second part, we learnt continuation of the first part, which are fault tree analysis or event tree analysis as an approach to estimate frequency. After that we learnt about consequence modeling and several potential consequences.

In this post we will learn about risk results and risk reduction and mitigation.

Risk Results

There are two graphic forms that are usually used to present risk result: individual risk contours and societal risk F-N curves (Frequency-Number of fatalities).

Individual risk is the risk to a person in the vicinity of a hazard. This includes nature of the injury to the individual, likelihood of injury occurring, and time period of injury occur.

Societal risk is a measure of risk to a group of people. It is mostly expressed as frequency distribution of multiple casualty events. Read More