Risktec Solutions

Quantitative risk assessment across major hazard industries

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Courtesy of Risktec Solutions

The terms QRA (Quantitative Risk assessment), PSA (Probabilistic Safety Assessment) and PRA (Probabilistic Risk Analysis) are used synonymously in different industries to describe various techniques for evaluating risk. Whilst quantification of risk for specific issues has been around for a long time, the grandfather of modern probabilistic assessment of the overall risk for
an entire major hazard facility is generally accepted to be WASH-1400, commissioned by the US Nuclear Regulatory Commission in 1975. This quantified the safety risks associated with the operation of all electricity generating nuclear power plants in the US.
The nuclear industry led the way, motivated by a desire to demonstrate that the actual risk was less than other industrial facilities and counter the public’s perception that nuclear stations are very risky because the worst case consequences are potentially so catastrophic.

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