QRA (Quantitative Risk Assessment)
QRA is a structured approach to identify and understand the risks associated with hazardous activities such as the operation of a plant. It combines hazard identification with an assessment of the frequency and magnitude of consequences of major credible events to determine the risk(s), which is then assessed with respect to tolerability criteria. QRA studies are usually combined with CBA (Cost Benefit Analysis) to provide effective yet cost effective measures based on the comparison of implementation cost of the recommendation and the benefits in terms of risk reduction.
BRA (Building Risk Assessment)
BRA is a structured approach for managing the risk from explosions, fires and toxic material releases to on-site personnel located in new and existing buildings intended for occupancy. It involves usually a three stage assessment including Building Screening, Building Hazard Evaluation and Risk Management. Usually BRA is based on API752 & API 753 for permanent and portable buildings respectively.