Quantitative risk assessments: A prescription Rx for managing risk

Quantitative risk assessments (QRA) have been used extensively in Europe and throughout the nuclear, aerospace, and chemical industries. QRAs are used to determine overall risk levels, which are then compared to risk acceptability criteria. The methodology identifies potential mishaps, determines their expected chance of occurrence, evaluates their potential impact and combines all this information into overall risk measures. Most firms in general industry do not use this technique. A case study is presented that describes how risk of serious injury to employees working under loads in tension was evaluated. The study revealed mitigation measures that would reduce risk of serious injury well below "as low as reasonably practical principal," without affecting the operation.