5.0. Quantitative Risk Analysis in Brief
From DNV, one defines quantitative analysis as follows; “a QRA can be defined as the formal and systematic approach of identifying potentially hazardous events, estimating the likelihood and consequences of those events, and expressing the results as risk to people, the environment or the business.” In a way, it can be conceived as a quantification of effects of risks on project objectives.
5.1. Requirements for Quantitative Risk Analysis
Usually these are completed after qualitative hazard analysis is over to address the following issues:
• Determination of probability of achieving the project objective.
• Risks prioritization.
• Improve the identification of opportunities and threats (ISO31000:2009).
• Identification ...
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