Qualitative Risk Analysis: Concepts and Methods

Abstract

The risk analysis methods encompass different types of qualitative and quantitative risk analysis, which is applied during risk assessment in order to support decisions to mitigate the risk whenever it is necessary. Depending on the type of industry the risk requires a systematic risk management, which is supported by risk analysis methods. During recent decades, many procedures, laws and methods have been applying such risk methods. However, substantial effort is still necessary in order to mitigate the industrial risk in some industries such as Transportation, Aerospace, Chemical, Oil & Gas and Nuclear because those are responsible for the worst accidents in terms of consequences for employee’s health, environment and society. Therefore, the first step to avoid or mitigate these risks are to apply a systematic risk analysis to enable identify, analyze, evaluate and mitigate such risks. This chapter describes the best risk analysis methods to support the risk management process.

Keywords: Risk, risk matrix, risk mitigation, risk management, preliminary hazard analysis, failure mode analysis, hazard and operability analysis.

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