A Quantitative Risk Assessment (QRA) is the systematic development of the safety and risk management tool that is the identifying risks and evaluating possible accidental events (frequency and fatality), and calculation of the risks for leaks and explosions of the plant. A QRA is analysing the historical experience and engineering judgment, with quantification technology through engineering, procurement, construction and operation that can apply for the oil, gas, chemical and petrochemical activities, plants and businesses.

Related Definitions in the Project: The HSE Management; Risk Management; Project Management