This book was developed to serve as a comprehensive resource for industry professionals, regulators, and students who seek to deepen their knowledge of risk science and its practical applications. Unlike qualitative approaches, QRA uses numerical methods, data, and models to estimate both the likelihood and impact of hazardous events. By doing so, it offers a systematic approach that can support the design of safer systems, compliance with regulatory frameworks, and the continuous improvement of risk management strategies.
Risk is an inherent part of modern society. From industrial operations and critical infrastructure to transportation systems and emerging technologies, uncertainty shapes the way decisions are made and the consequences that follow. The need to understand, quantify, and manage risk has never been greater, particularly as industries face increasing scrutiny from regulators, communities, and stakeholders. Quantitative Risk Assessment (QRA) provides a structured and analytical framework to measure and evaluate risk, enabling informed decision-making that balances safety, performance, and cost.
This book was developed to serve as a comprehensive resource for industry professionals, regulators, and students who seek to deepen their knowledge of risk science and its practical applications. Unlike qualitative approaches, QRA uses numerical methods, data, and models to estimate both the likelihood and impact of hazardous events. By doing so, it offers a systematic approach that can support the design of safer systems, compliance with regulatory frameworks, and the continuous improvement of risk management strategies.
The chapters in this book are structured to guide the reader progressively through the core concepts and applications of QRA. The early chapters introduce the foundations of risk science and management frameworks, followed by detailed discussions on hazard identification, frequency and consequence analysis, and the integration of results into risk estimation. The book then explores key themes such as uncertainty, sensitivity analysis, risk reduction measures, and effective communication of risk. Later chapters highlight case studies, software tools, and emerging trends that showcase the relevance of QRA in today’s complex industrial landscape.
Throughout the book, real-world examples and case studies are incorporated to bridge theory with practice, demonstrating how QRA is applied in industries such as oil and gas, chemical processing, power generation, and transportation. Tables and structured explanations are provided to clarify complex methods and ensure accessibility for both seasoned practitioners and those new to the discipline.
The motivation for writing this book stems from the recognition that while QRA is widely acknowledged as a critical decision-support tool, there remains a gap in comprehensive yet practical resources that address both its theoretical underpinnings and real-world applications. This book is intended to fill that gap by providing a technically rigorous, academically grounded, and industry-relevant guide to QRA.
It is my hope that this book will serve as a valuable reference for professionals seeking to strengthen safety and risk management practices within their organizations, for regulators striving to uphold public safety and environmental protection, and for students aspiring to develop expertise in this vital field.
Finally, I would like to acknowledge the countless contributions of researchers, practitioners, and educators in the field of risk assessment, whose work has shaped the foundations upon which this book is built. Their dedication to advancing knowledge in risk science continues to inspire progress toward safer and more resilient systems worldwide.
You can also purchase the book on Amazon, here.
Engr. Adebayo Bamidele Olanrewaju
Olanab Consulting Ltd. | www.olanabconsults.com