Quantitative risk assessment is a risk analysis that uses primarily model-based approaches where numerical values are calculated and more discreet input data used. The advantages of a quantitative approach are:
- Calculates, with some precision, when the risk acceptance limit is reached or exceeded.
- Discrimination between equipment risk allowing prioritization of mitigation.
- Trending and monitoring risk exposure over time as well as other metrics.
- Benchmarking of reliability management such as POF trending and comparisons.
- API, 2016. 580 Recommended Practice for Risk-Based Inspection. American Petroleum Institute, Washington, DC.