Track 2 Session 4

2:10 to 3:10 p.m. Wednesday, October 13, 2010

Quantitative Risk Analysis (QRA) as an Effective Risk Analysis Tool

Quantitative approaches to risk assessment have different strengths and weaknesses. They allow a more precise and consistent approach to defining the likelihood, consequence and severity of a major incident. When implemented effectively, these tools have the potential to be a powerful aide in reducing or eliminating the risk. Such an approach provides inputs for formulating effective risk mitigation strategies. Recently, QRA studies have been used extensively for ships carrying hazardous cargoes in port areas and for ships operating in offshore industry.

Key Words: QRA, Risk Assessment, Consequence Analysis, Hazard Identification

Dipak Sonawane and A. K. Pande

Indian Register of Shipping