Quantitative risk assessment (QRA) (Sometimes referred to as Quantitative Risk Analysis) is a systematic process of evaluating potential hazards and risks using numerical data and fire, explosion and toxic release models. It provides a quantitative estimate of the likelihood and consequences of risks, rather than just the qualitative description provided by qualitative risk assessment. QRA involves identifying possible hazards, determining the probability of various outcomes, estimating the severity of the consequences, and calculating an overall risk value.

The goal of QRA is to provide an objective measure of risk that can help inform risk management decisions. It allows us to understand the risks to which our employees, the environment, and company assets are exposed to. QRA often involves modeling complex systems and scenarios using statistical data, fault tree analysis, event tree analysis and other techniques. The resulting risk calculations provide a more precise understanding of risk levels and help identify the areas that require the most risk reduction efforts enabling us to make proportionate and cost-effective decisions to manage the risks at our industrial facility.

Quantitative Risk Analysis can be used to support other safety studies such as COMAH Risk Assessments and Occupied Buildings Risk Assessments and assist in the decision making regarding the acceptability of risk for new developments.