The Process Safety and Loss Prevention field was born out of the need to avoid personnel injury, i.e., workforce and public, property damage, environmental impact and operation interruption (i.e., economic impact, due to several relevant accidents during the last 50 years, e.g., Bhopal, Seveso, Buncefield, Flixborough, etc.). A Quantitative Risk-Based Assessment (QRA) is considered to be the foundation of process safety and loss prevention. Generally, there are two main approaches to conduct a risk assessment: consequence-based or risk-based. The issue that arises by using a consequence-based approach is that the likelihood of occurrence is not considered, and therefore, it does not account for the frequency of an undesired event.
A complete Quantitative Risk Assessment (QRA) consists of six main steps:
Some examples of applicable safeguards or Independent Protection Layers (IPLs) are Safety Instrumented Systems (SIS), Fire and Gas Detectors (FGS), etc.,
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