INTRODUCTION TO QUANTITATIVE RISK ASSESSMENT
(2-Days)
Date: April 14-15, 2015 NJ
Time: 9:00-5:00 pm Eastern Time
Cost: $995.00
CEUs: 1.2
Course Design and Objectives
The carpenter adage, “Measure twice, cut once” also applies to process risk management. While many
risk management decisions can reasonably be based on HAZOP’s, What-If studies and other qualitative
risk assessments, some decisions may be so expensive as to warrant a closer review. Quantitative Risk
Assessment (QRA) provides that additional level of scrutiny. Compared to qualitative studies, QRA’s
result in improved consistency and reduced subjectivity in providing a rational decision making process
for managing process safety.
This course examines the relationship of consequences and their frequencies in understanding and
assessing risk. This is presented in both a philosophical and numerical perspective. Techniques to
numerically evaluate risks are then presented. The techniques that will be presented are: Layer of
Protection Analysis (LOPA), Fault Tree Analysis (FTA) and Chemical Process Quantitative Risk Analysis
(CPQRA).
The course includes videos that illustrate the concepts of risk analysis. In addition, there are several
interactive activities to enhance comprehension and to stimulate class discussion. Each attendee will take
home a notebook containing the presentation materials.
What You Will Learn:
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What is Qualitative Risk
Types of Qualitative Risk Analysis
Qualitative Risk Analysis versus Quantitative Risk Analysis
Role of QRA in managing risk,
Understanding and establishing risk standards,
Quantitative Techniques in establishing failure rate data,
How to select an appropriate quantitative risk tool
Overview and application of LOPA – Layers of Protection
Overview and application of FTA – Fault Tree Analysis,
Overview and application of CPQRA – Chemical Process Qualitative Risk Assessment.
Who Should Attend
Managers, engineers and others with responsibility for evaluating hazards and/or for making decisions to
manage these hazards.
Course Outline
Qualitative Risk Analysis
 What is Qualitative Risk Analysis
 Conducting a HAZOP to identify hazards
 Types of Qualitative Risk Analysis
Qualitative versus Quantitative Risk Analysis
 What are the Differences
 When to use Qualitative versus Quantitative
Fundamentals of Quantitative Risk Assessment
 Understanding Risk
 Establishing Risk Standards
 Converting failure rate to failure upon demand
Quantitative Risk Assessment Tools
Failure Mode and Effects Analysis – semi-quantitative analysis
Layer of Protection Analysis
 Principals of LOPA
 Fundamental of SIS - Safety Integrated Systems
 Developing LOPA scenarios
Fault Tree Analysis
 Overview of FTA
 Developing a fault tree
 Developing an event tree
 Quantifying fault/event tree
Chemical Process Quantitative Risk Analysis
 Overview of CPQRA
 Evaluating societal and geographic risk
Quiz
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