Q5. The risk assessment team in the company of Q5 used the complete HAZOP study and estimated the consequences of four m

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Q5 The Risk Assessment Team In The Company Of Q5 Used The Complete Hazop Study And Estimated The Consequences Of Four M 1 (50.88 KiB) Viewed 9 times

Q5. The risk assessment team in the company of Q5 used the complete HAZOP study and estimated the consequences of four major parameters in terms of property loss (in BD). The team estimated the corresponding probabilities (frequency of occurrences) of the accidents for each parameter. Their results are as follows: Parameter Consequence (BD) Probability (year) 1 5000000 1.2*105 2 2000000 2.0*106 3 600000 107 50000 4 108 The risk acceptability criteria set by the team was as follows: 2>Risk>60 unacceptable 0.1<Risk<2 conditional acceptance Risk< 0.1 acceptable a. Construct the risk matrix and write "Red" in each cell for unacceptable risk, "orange" for conditional acceptable risk and "green" for acceptable risk. b. From the results of the risk matrix, what would be your response plans that you can use to address unacceptable risks?