Quantitative Risk Assessment (QRA)

Quantitative Risk Assessment (QRA) is a systematic method used to evaluate the likelihood and potential impact of different hazards or accidents in a specific environment, such as an industrial facility or infrastructure. It involves identifying possible risks, estimating their probabilities, and predicting the consequences to determine the overall level of danger. The goal is to quantify risks in measurable terms, enabling informed decision-making to improve safety, design better controls, and minimize harm. Essentially, QRA helps organizations understand potential hazards more precisely, so they can proactively manage and mitigate them effectively.