The objective of this review is to analyze the advances in risk analysis during the past 30 years and to offer an overview on its recent progress and applications for chemical and process industries. Although the general approach of quantitative risk assessment (QRA) remains unchanged since its origin, QRA has continuously evolved in different forms. Its fields of application have enlarged significantly beyond process safety, becoming a fundamental tool for the development, continued operation, and expansion of process installations. On the other hand, QRA limitations, such as its inability to update the risk picture, led to the development of recent dynamic risk assessment approaches, for which methodological contributions are introduced in this chapter. This demonstrates that risk analysis is in continuous development, but a way forward leading to real-time support to decision-making is suggested.

Item Type:	Research Book Chapter
Keywords:	chemical process industry, dynamic risk assessment, QRA, risk analysis
Research Division:	Commerce, Management, Tourism and Services
Research Group:	Banking, finance and investment
Research Field:	Investment and risk management
Objective Division:	Expanding Knowledge
Objective Group:	Expanding knowledge
Objective Field:	Expanding knowledge in engineering
UTAS Author:	Khan, F (Professor Faisal Khan)
ID Code:	140145
Year Published:	2016
Deposited By:	NC Maritime Engineering and Hydrodynamics
Deposited On:	2020-07-29
Last Modified:	2020-07-29
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