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Probabilistic risk assessment is often used in project risk management.These tools are applications of PRA and allow planners to explicitly address uncertainty by identifying and generating metrics, parameterizing, prioritizing, and developing responses, and tracking risk from components, tasks or costs.
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 ...
Further, in January 1988, the Post-Challenger investigation recommended that “probabilistic risk assessment approaches be applied to the Shuttle risk management program." Consequently, probabilistic methods are now being used at NASA. Specifically, the following projects have all used the SAPHIRE software as the primary analysis tool for risk:
Hazus is a geographic information system-based natural hazard analysis tool developed and freely distributed by the Federal Emergency Management Agency (FEMA). In 1997 FEMA released its first edition of a commercial off-the-shelf loss and risk assessment software package built on GIS technology. This product was termed HAZUS97.
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
Failure Modes, effects, and Criticality Analysis is an excellent hazard analysis and risk assessment tool, but it suffers from other limitations. This alternative does not consider combined failures or typically include software and human interaction considerations. It also usually provides an optimistic estimate of reliability.
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