Probabilistic risk analysis (PRA)

Probabilistic Risk Analysis (PRA) serves as a systematic and quantitative approach for evaluating and comprehensively analysing the likelihood and potential consequences of risks across diverse domains, including engineering, finance, project management, and safety. While the prevalent method for risk analysis is often qualitative, relying on the subjective judgment of a risk assessor based on their unique skills, qualifications, knowledge, and experience, this approach can vary significantly among individuals, sites, and systems. In simpler work systems, qualitative analysis may suffice.

However, industries seeking a more robust assessment method may find PRA to be the optimal choice for meeting client and insurer expectations. The quantitative aspect of PRA allows for the visualisation and demonstration of cost savings, enhanced reliability (or safety), achieved by concurrently operating key systems rather than in series. Additionally, assigning values to each component through data sheets or empirical experimental data enables individuals to identify areas of improvement and assess the overall reliability of a work system.

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