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OISD

Quantitative Risk Assessment/HAZOP StudyByOISDC ontents Definitions DifferenceQRA/HAZOP QRAM ethodology HAZOPM ethodology QRAG oals HAZOPG oals RiskCriteria AsLowAsReasonablyPracticable(ALARP) ResidualRisk RiskMitigationMeasuresCoverage in this Presentation Fundamentals of QRA as differentiated from stand-alone Risk Analysis and HAZOP / HAZAN studies. Assessment of residual risk after factoring in qualityof existing fire fighting system. ALARP principle of Risk Acceptance criteria. Effect of additional mitigation measures in existinglocations to reach the acceptable ALARP zoneDefinitions 4 Frequency Numberofoccurrencesperunittime. Hazard chemicalorphysicalconditionwhichhasapote ntialtocausedamagetopeople,property&Envi ronment Incident Lossofmaterialorenergy. EventSequence Aspecificunplannedsequenceofeventscompri singofinitiatingevents&intermediateevent sthatmayleadtoanincident Consequence Measureofexpectedeffectsofanincidentoutc omecase.

Definitions •5 Risk Assessment – process by which results of risk analysis are used to make decisions either through relative ranking of risk reduction strategies or through comparison with risk targets

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oisd.gov.in

OISD 3 Unless otherwise stated, reference to and use of the standards / Recommended Practices / Guidelines is intended to be the ‘latest revisions

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