About: Quantitative risk assessment software

Quantitative risk assessment (QRA) software and methodologies give quantitative estimates of risks, given the parameters defining them. They are used in the financial sector, the chemical process industry, and other areas. In financial terms, quantitative risk assessments include a calculation of the single loss expectancy of monetary value of an asset. In the chemical process and petrochemical industries a QRA is primarily concerned with determining the potential loss of life (PLL) caused by undesired events. Specialist software can be used to model the effects of such an event, and to help calculate the potential loss of life. Some organisations use the risk outputs to assess the implied cost to avert a fatality (ICAF) which can be used to set quantified criteria for what is an unacceptable risk and what is tolerable. For the explosives industry, QRA can be used for many explosive risk applications. It is especially useful for site risk analysis when reliance on quantity distance (QD) tables is not feasible.

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