Skip to main content

How to do a Quantitative Risk Assessment (QRA)

 

The process of risk assessment is a vital part of any project, and is often required as part of the risk management sub-process in project inclusion. The process may be called quantitative risk assessment or quantitative risk analysis or simply “risk assessment” by some organizations.

Whatever you might call it, the goal is to find all the potential risks related to achieving the completion objectives for a given project. Quantitative risk assessments allow businesses to make well-informed decisions on matters relating to their business continuity and emergency management.

Why do businesses perform a risk assessment?

Well, for one reason: to determine the level of risk involved in doing business. The QRA is a calculator that can be used to evaluate that risk. The QRA should not be confused with the overall process of risk management. It is actually one-step in the overall process. By evaluating and analyzing the likelihood and impact of specific risks, along with the frequency and severity, you can develop a plan to help eliminate or lessen their impact on your company.

Many organizations field staff to the field for extensive periods. Such deployments expose the organization to a variety of risks and operational challenges.  These may include physical security issues, operational risk issues, bi-lateral relations and language barriers. Quantitative Risk Assessment (QRA) is useful tool for assessing and prioritizing risks associated with these foreign assignments. It helps in implementing effective control measures to mitigate associated risks.

Quantitative Risk Assessment is something that appraisers do on a day-to-day basis; to assess the level of risk associated with an investment. A QRA is a powerful tool that can help you make much better decisions in your business. A quantitative risk assessment (QRA) is a tool that estimates how a project or store is progressing and determines the ongoing risks involved with completing the project. It shows at-a-glance the progress of your product development and it provides actionable guidelines for managing various risks so you can mitigate risk and increase your chance of success.

Every year, numerous companies throughout the world find themselves in a crisis because of poor risk control measures and not conducting proper Process Safety Management. Some of these firms have never before faced a crisis because of their cavalier attitude, which leads them to believe that they are well prepared for every eventuality. Other companies do not fully understand their own risk tolerance and what kind of disasters they can often survive easily. Firms with this type of culture find themselves in an exceptionally bad position at the beginning of a crisis because they do want to be proactive.

How we can help 

Conducting Quantitative Risk Assessment for industries

Perform audits and documentation for QRA                           

Online/Onsite training for same                                

                                                                                              

For more info:-

Visit: - https://www.thesafetymaster.com/

Call: - +91-7665231743, +91-9413882016

Email: - info@thesafetymaster.com

Labels:

Comments

Post a Comment

Popular posts from this blog

6 things Your Process Hazard Analysis Must Address

  When a process has a high potential for harm in case of an incident, the work process needs to be evaluated and tested for safety. This process is called a Process Hazard Analysis or HAZOP analysis, and involves gathering all data necessary to evaluate the hazards that could show up in your workplace and guiding you on what precautions must be taken to avoid these dangers. The process hazard analysis (PHA) is a systematic process to define and evaluate the risks associated with a particular process. It is important to note that the risk assessment process is performed as part of the overall management of risks and not as a standalone activity                                The hazards of the process Any process can be hazardous – but it is your responsibility to ensure staff and/or customers aren’t at risk. By completing a full process hazard analysis, you will better understand the potential risks posed by each process in order to mitigate against them. Using methods of pro
Post a Comment
Read more

The 5 Elements of Behavior-Based Safety for Industry.

Behavior-based Safety (BBS), is an interaction that illuminates the management and employees regarding the general security of the working environment through well-being perceptions. BBS is expected to concentrate all alone and their companions' everyday security conduct. The objective of the BBS program is to further develop the representative well-being of the association. Presenting Behaviour Safety Training , the program is an extraordinary method for changing an association's well-being society, whenever done accurately. The ideal BBS Training gathers a lot of data about representative propensities to influence change and ideally takes the organization's security program to "a higher level", in any event, making it elite.           An effective BBS Implementation requires the accompanying pieces to work as one - Committed contribution from each representative (even the President); including project workers and sub-project workers makes th
Post a Comment
Read more