USE OF QUANTIFIED RISK ASSESSMENT TECHNIQUES IN RELATION TO MAJOR HAZARD INSTALLATIONS

Misconceptions about the methodology and role of quantified hazard assessment techniques in decision-making has hindered productive dialogues on the use and value of these techniques, both within industry and between industry and regulatory authorities. This paper outlines the nature, role and current uses of hazard assessment and identifies and differentiates between those areas and types of decisions where quantification should prove beneficial, and those where it is unwarranted and should be discouraged.