Quantitative Risk Assessment (QRA)

Quantitative Risk Assessment (QRA) is a formal and systematic procedure of identifying and evaluating the potential hazards associated with the operations of an engineering process and to demonstrate the risk lies in the ALARP (“as low as reasonably practicable”).

QRA is usually implemented on the basis of major technical hazards leading to potential accident occurrences by using measurable, objective data to decide asset value, probability of loss, and associated risk. A quantitative risk assessment also helps make cost-effective decisions while managing the risks for the entire asset lifecycle.

Velosi has progressive experience in a wide variety of risk assessment and risk management applications. We have successfully carried out several risk assessment cases for various offshore and onshore oil and gas installations using very specialized software.

Quantitative Risk Assessment (QRA)

Main Objectives of QRA Study

To recognize hazards associated with a facility.
To decide the potential frequencies and consequences of the identified hazards.
To decide the system availability of the protection systems.
To quantify the risks associated with a facility (Risk Contours, Individual Risk Per Annum (IRPA), Potential Loss of Life (PLL), and F-N Plots).

Elements of Quantitative Risk Assessment process

PHA Studies
Quantified Risk Assessment
Safety Case Development and Review
Modelling of Dispersion, Fire, Explosion and Toxic Releases
Safety Audits, Drop Object and Work at Height Surveys for both Onshore and Offshore Rigs


Case Studies