Quantitative Risk Assessment

Risk [107, 2, 242] may be defined as a combination of hazard and probability of hazard occurrence, where hazard is defined as the degree of harm to human beings, property, society or environment. In this sense the risk is defined as a quantitative measured of hazard. In order to estimate the risk a quantitative risk assessments (QRA) method may be applied.




(system definition, hazard identification, etc.)


(risk tolerability, analysis of option, etc)


(decision making, implementation, etc)

Fig. 4.1 The activities in the risk management process [71]

Risk assessment is a step in the risk management process. It is measuring two quantities of the risk, the magnitude of the potential hazard, and the probability that the hazard will occur. It may be the most important step in the risk management process, and may also be the most difficult and prone to error. Once risks have been identified and assessed, the steps to properly deal with them are much more programmatical. Fig. 4.1 shows the different processes in risk management procedure adopted from the International Electrotechnical Commission (IEC) [71, 2]. This figure shows relationships between the definitions of risk analysis, risk

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