QRA (Quantitative Risk Assessment)

Quantitative Risk Assessment (QRA) is a process used to evaluate the likelihood and potential consequences of different hazards or risks within a specific system or environment. It involves collecting data, analyzing probabilities, and estimating the potential impacts to help decision-makers understand the level of risk involved. QRA enables organizations to prioritize safety measures, improve design, and implement controls by providing a clear, numerical understanding of risks, often expressed as chances or probabilities of specific events, thereby supporting informed and effective risk management.