Quantified Risk Assessment (QRA) can be used for a number of different purposes. However, it is most valuable as part of a Risk Management program. Risk Management is the identification and control of hazards, through both technological and management solutions. Occasionally QRA is conducted solely to meet a regulatory requirement, but this rarely precludes using the results as part of a corporate risk management program.
QRA can be used to estimate the absolute level of risk of an activity or the comparative risks of alternatives. The results of absolute risk assessments can be compared with predetermined risk tolerability standards. Comparative risk studies are used to help select, or eliminate particular options. Risk takes many forms; injury to employees and third parties, environmental damage, capital losses, business interruption costs, compliance, and fines. QRA can address any and all of these, so it is important to decide which risks are to be included in each study.
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