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Absolute Risk
An ideal and accurate description and quantification of risk
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ALARP
(As low as reasonably practical)
A concept of minimization - Attributes such as risk can only be reduced to a certain minimum under current technology and with reasonable cost
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Consequence
An outcome from an event. Consequences may be positive or negative and there may be more than one consequence from an event. These can be expressed qualitatively or quantitatively.
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Damage Mode
Physical manifestation of damage. Ex: wall thinning, pitting, cracking, rupturing, etc.
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Event
Occurrence of a particular set of circumstances.
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Event Tree
An analytical tool that organizes potential occurrences in a logical and graphical manner and shows the events relationship to each other.
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External event
Events resulting from forces of nature, acts of God, sabotage, or events such as neighboring fires, etc which are beyond the direct/indirect control of persons employed at the facility.
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Hazard
A physical condition or a release of a hazardous material that could result from component failure and result in human injury or death, loss or damage, or environmental degradation.
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HAZOP
(Hazard and operability study)
A form of failure modes and effects analysis (FMEA). Uses systematic techniques to identify hazards and operability issues throughout an entire facility
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Logic Model
A tool used to depict the effectiveness in depicting a combination of events that could result in a loss of containment event.
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Mitigation
Limitation of any negative consequence or reduction in probability of a particular event.
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Physical model
A tool used to depict the progression of events and the release of a hazardous material to the environment.
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Qualitative risk analysis
A risk analysis using primarily subject matter expertise and experience to assign broad categorizations for POF and COF.
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Quantitative risk analysis
A risk analysis that uses primarily model-based approaches where numerical values are calculated and more discreet input data used.
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Relative Risk
The comparative risk of a facility , process unit, system, equipment item, or component to other facilities, process units, systems, equipment items, or components, respectively.
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Residual Risk
The risk remaining after risk mitigation
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Risk Reduction
Actions taken to lessen the probability, negative consequences, or both associated with a particular risk.
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Risk Mitigation
Process of selection and implementation of measures to modify risk.
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Risk management
Coordinated activities to direct and control an organization with regard to risk. Typically includes risk assessment, risk mitigation, risk acceptance, and risk communication.
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Risk Communication
Exchange or sharing of information about risk between the decision maker and other stakeholders.
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Stakeholder
Any individual, group, or organization that ma affect, be affected by, or perceive itself to be affected by the risk.
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BLEVE
Boiling liquid expanding vapor explosion
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PHA
Process hazards analysis. Uses a systemized approach to identify and analyze hazards in a process unit.
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FMEA
Failure modes and effects analysis
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HAZOP
Hazard and operability assessment
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QRA
Quantitative risk assessment
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RCM
Reliability centered maintenance
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Risk Estimation
Process used to assign values o the probability and consequences of risk.
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Reassessment
Process of integrating inspection data or or changes into the risk analysis
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Risk Acceptance
Decision to accept risk.
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Risk Analysis
Systematic use of information to identify sources and to estimate the risk. Provides a basis for risk evaluation, risk mitigation, and risk acceptance.
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Risk Assessment
Overall process of risk analysis and risk evaluation.
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Risk Avoidance
Decision no to become involved in, or action to withdraw from a situation.
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Risk Criteria
Terms of reference by which the significance of risk is assessed.
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Unmitigated risk
Risk prior to mitigation activities
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Semi-Quantitative Analysis
Includes aspects of both quantitative and qualitative analysis.
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Risk Identification
Process to find, list and characterize elements of risk.
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Risk Evaluation
Process used to compare the estimated risk against given risk criteria to determine the significance of the risk.
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Risk Driver
An item affecting either the probability, consequence, or both such that it constitutes a significant portion of the risk.
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