Page 38 - RISK Management IC86 Ebook

Risk Management

flow relating either to the materials, accounting flow, marketing
flow, distribution flow or flow of utility services such as water,
gas electricity, or flow of effluents, waste etc., and the like.

Techniques identifying individual source of risk

Hazard & Operability ( HAZOP ) Study

l HAZOP provides a qualitative approach to risk identification
which can be employed at the planning & design stage of a
project. In this method a plant is divided into a number of
smaller parts and each small part is examined for identifying
all the hazards associated with it.

There are four main questions with which the HAZOP study
is concerned :
a) the intention of the part examined i.e what is the purpose of
the part
b) the deviations from the declared intention
c) the cause of the deviation
d) the consequences of the deviations.

Fault trees

Fault tree is a diagrammatic representation of all the events which
may give rise to some major event.

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