.The cardinal reasons responsible for hazardous activities as per these code of conducts are emission of inflammable or toxic fluids due to leakage problem, lost control over controlled operational processes, sudden fires or explosion on working site due to short circuits and last but not the least is damage to structure of transportation ships and carriages due to collision leads to total failure of ship or carriage. In order to support these rational facts, some incidents can be analyzed from the past that will provide a crystal clear view to the scenario (Godoy et al. 2012). In year 2009, a very strong and reputed company of India ,Indian Oil Company has its plant in south side of Jaipur where during a particular operation of transferring
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Risk analysis is an important element of risk management process which is been introduced in the organizations on frequent basis to have a depth analysis of risks associated with petrochemical industry or some other process industries (Tularam & Attili 2012). Risk analysis is an important aspect and have a great significance in analysis of identified risk events during risk identification or hazard identification phase of risk management. Risk analysis enables the evaluation of an identified risk event about its respective frequency of occurrence as well the potential of identified risk as what could be the severity level of the consequences caused due to that particular risk event. In addition to this risk analysis is an effective approach in order to determine the relationship between the resulting outcomes of an identified risk event and probability of occurrence of risk event (Khan et al. 1998). Furthermore, after determination of this relationship between these two concepts, it becomes possible to define the risk level of an identified risk. After the level of each risk is defined it becomes possible to prioritize the risk that needs treatment and are managed according to their risk levels from high to low. The defined risk level for the various identified risks can be categorized into catastrophic level, high level, moderate level and minute level. (Jensen …show more content…
To start with, fault tree analysis (FTA) as an important and effective risk assessment tool used in a respective framework to find subsequent events that are responsible in a regular fashion to reach the ultimate top event (Vesely 2002). Fault tree analysis is a risk assessment approach in which a top event is defined and then further exploration of the subsequent cause events is done until the base events are determined to finish with the process. Fault tree analysis(FTA) is a systematic and logical approach which help to define the relationship between each subsequent causes and base events that lead to occurrence of top even and an individual can have a fair understanding of the logical relationship that are used in order to reach the top event in an effective and efficient manner. Applications of fault tree process(FTA) are widely used in industry for example system manufacturing in designing pathways, oil & gas lines and IT sector for software related problems. (Yuhua et al.
Risk analysis is an important element of risk management process which is been introduced in the organizations on frequent basis to have a depth analysis of risks associated with petrochemical industry or some other process industries (Tularam & Attili 2012). Risk analysis is an important aspect and have a great significance in analysis of identified risk events during risk identification or hazard identification phase of risk management. Risk analysis enables the evaluation of an identified risk event about its respective frequency of occurrence as well the potential of identified risk as what could be the severity level of the consequences caused due to that particular risk event. In addition to this risk analysis is an effective approach in order to determine the relationship between the resulting outcomes of an identified risk event and probability of occurrence of risk event (Khan et al. 1998). Furthermore, after determination of this relationship between these two concepts, it becomes possible to define the risk level of an identified risk. After the level of each risk is defined it becomes possible to prioritize the risk that needs treatment and are managed according to their risk levels from high to low. The defined risk level for the various identified risks can be categorized into catastrophic level, high level, moderate level and minute level. (Jensen …show more content…
To start with, fault tree analysis (FTA) as an important and effective risk assessment tool used in a respective framework to find subsequent events that are responsible in a regular fashion to reach the ultimate top event (Vesely 2002). Fault tree analysis is a risk assessment approach in which a top event is defined and then further exploration of the subsequent cause events is done until the base events are determined to finish with the process. Fault tree analysis(FTA) is a systematic and logical approach which help to define the relationship between each subsequent causes and base events that lead to occurrence of top even and an individual can have a fair understanding of the logical relationship that are used in order to reach the top event in an effective and efficient manner. Applications of fault tree process(FTA) are widely used in industry for example system manufacturing in designing pathways, oil & gas lines and IT sector for software related problems. (Yuhua et al.