Quantitative Risk Assessment (QRA) is the process through which the risks associated with any system or process are assessed and managed. Risk is always associated with uncertainty and undesirability of certain states of the system of process of interest. QRA methods are used to identify the risk scenarios and estimate the corresponding probabilities.
QRA methods identify system vulnerabilities, and rank them according to their occurrence frequencies and severity of the consequences. In addition, uncertainties associated with the data and models used to quantify the levels of risk are identified and factored into measures of risk.
This course is designed to provide delegates with detailed and up-to-date overview of Quantitative Risk Assessment (QRA). It will cover quantitative risk assessment; hazard identification; consequences analysis including loss of containment calculation, explosion modelling, fire modelling and dispersion modelling; frequency analysis; and quantifying risk using of probit analysis.