Abstract:Chapter 20 Quantitative Risk Analysis Jan-Erik Holmberg, Jan-Erik HolmbergSearch for more papers by this author Jan-Erik Holmberg, Jan-Erik HolmbergSearch for more papers by this author Book Editor(s)...Chapter 20 Quantitative Risk Analysis Jan-Erik Holmberg, Jan-Erik HolmbergSearch for more papers by this author Jan-Erik Holmberg, Jan-Erik HolmbergSearch for more papers by this author Book Editor(s):Niklas Moller, Niklas MollerSearch for more papers by this authorSven Ove Hansson, Sven Ove HanssonSearch for more papers by this authorJan-Erik Holmberg, Jan-Erik HolmbergSearch for more papers by this authorCarl Rollenhagen, Carl RollenhagenSearch for more papers by this author First published: 15 December 2017 https://doi.org/10.1002/9781119443070.ch20 AboutPDFPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShareShare a linkShare onFacebookTwitterLinked InRedditWechat Abstract Risk analysis is a broad area of methods and applications, including risk assessment (identification, evaluation, and quantification of risk) and risk management (decision-making). Quantitative risk analysis (QRA) includes the calculation of the two components of risk: the magnitude of the potential loss and the probability that the loss will occur. Engineering QRA covers a risk assessment of hazardous socio-technological processes, where the losses can be described in terms of human, environmental, or economic losses. One of the objectives is to show compliance with safety objectives expressed by numerical probabilistic criteria, called acceptable risk. Further objectives are to identify weak points, search for design improvements and even to optimize the system. In the engineering risk analysis, there is usually a regulatory framework, including a regulator (safety authority) who stipulates the requirements for QRA. Choice of QRA methods is an application area-specific issue. In the decision-making, risk acceptance criteria are commonly used together with the expected utility principle to choose between acceptable options. Handbook of Safety Principles RelatedInformationRead More
Publication Year: 2017
Publication Date: 2017-12-15
Language: en
Type: other
Indexed In: ['crossref']
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Cited By Count: 3
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