Quantitative Hazard Analysis
Definition - What does Quantitative Hazard Analysis mean?
A quantitative hazard analysis is the application of numerical methods or use of quantitative data that provides a quantitative result.
Compared to a qualitative hazard analysis, this approach is more objective, more detailed, and possibly more accurate.
Safeopedia explains Quantitative Hazard Analysis
Some of the weaknesses of this method compared to a qualitative hazard analysis are a higher cost to conduct and a longer completion time.
Examples of techniques used in a quantitative hazard analysis include failure mode, effects, and criticality analysis (FMECA), quantitative fault tree analysis, and quantitative event tree analysis (ETA). Also, layer of protection analysis (LOPA) is a rather simplified form of a quantitative hazard analysis technique normally applied in cases where the system is too complex or the consequence is too severe to be handled by a hazard and operability (HAZOP) study.
For large or complex projects, inputs to a quantitative hazard analysis may come from the results of a qualitative hazard analysis since it is normally completed during the earlier stages of a project.
It is accepted that this type of analysis is a step further from qualitative hazard analysis.