PROCESS RISK-EVALUATION - WHAT METHOD TO USE

In today's process industry environment, it is becoming more and more important for companies to evaluate the risks associated with their plants. However, many risk evaluation methods of varying degrees of complexity and cost exist. Choosing the right method to provide the information management needs to answer a company's risk questions is often difficult. This paper provides an overview of three risk evaluation methods: one (HAZOP analysis) is a qualitative technique, the second (Facility Risk Review) blends together aspects of qualitative and quantitative risk assessment techniques, and the third (Quantitative Risk Analysis) is a quantitative technique. Example risk evaluations using each technique are provided to help the reader understand the capabilities and typical results obtained with each method. © 1990.