Acronyms & Terms Glossary

Quantitative Risk Assessment (QRA)

A Quantitative Risk Assessment is a systematic approach to determining the likelihood and consequences of hazardous events and expressing the results quantitatively as risk to personnel, the site being studied, the overall environment, and/or a company.

Risk is a function of consequence and likelihood and aeSolutions has the experience and tools to evaluate both for a QRA. A QRA is a specialized approach to assess high consequence LOPA scenarios with large risk gaps to close. Further "pencil-sharpening" in the QRA will verify the severity of the scenario through consequence modeling, as well as the frequency of the scenario through fault tree modelling. Often conservative assumptions made in LOPA are revealed in QRA, which makes the solution to gap closure more practical. QRA will handle conditional dependence among IPL(s) and the initiating cause(s). aeSolutions utilizes commercially available software tools, along with in-house expertise, to facilitate QRAs. For example we can use the PHAST and SAFETI software to model chemical releases in evaluating consequences of an incident. QRA can be a valuable decision support tool when evaluating complex hazard scenarios.