What are Quantitative and Qualitative Risk Analysis and Assessments?
Effective safety management in projects with inherent risks hinges on rigorous risk management analysis. To safeguard the workplace, completing a comprehensive risk assessment performing is crucial. Leveraging both qualitative and quantitative techniques is paramount in crafting a top-quality risk management strategy.
Quantitative and qualitative risk analysis and assessments are two approaches used in risk management to evaluate and manage risks; however, each adopts different methods, data types, and levels of precision. While quantitative risk analysis involves numerical data and mathematical modeling to estimate the probabilities and potential impacts of risks, qualitative risk analysis and assessments rely on qualitative descriptions and expert judgment to prioritise and understand risks.
How Gexcon can assist
Gexcon has extensive experience in conducting both quantitative and qualitative risk assessments. Our proficiency extends across a diverse range of industries, including food, pharmaceuticals, automotive, energy, and chemicals.
Gexcon’s toolkit includes qualitative and semi-quantitative methodologies such as HAZID (Hazard Identification), HAZOP (Hazard and Operability Study), and LOPA (Layer of Protection Analysis) as well as using state-of-the-art tools such as FLACS (Flame Acceleration Software), EFFECTS & RISKCURVES, and FRED (Fire, Release, Explosion, and Dispersion), Shepherd (Shell’s Quantitative Risk Analysis tool). These tools allow Gexcon to accurately model the consequences of potential hazards and provide detailed risk assessments to help you make informed decisions about your project’s safety.
With Gexcon’s expertise in both qualitative and quantitative risk analysis, you can be confident that your project’s safety is in good hands.
