Industrial accidents result in great personal and financial loss. Managing these accidental risks
in today’s environment is the concern of every industry because the real or perceived incidents
can quickly jeopardize the financial viability of a business. Many facilities involve various
manufacturing processes that have the potential for accidents which may be catastrophic to the
plant, work force and environment or public.

The main objective of the risk management study is to propose a comprehensive but simple approach to carry out risk analysis and conducting feasibility studies for industries including planning and management of industrial prototype hazard analysis study in the Indian context.

Risk analysis and risk assessment provide details on Quantitative Risk Assessment (QRA)
techniques used the world over to determine risk posed to people who work inside or live near
hazardous facilities and to aid in preparing effective emergency response plans by delineating a
Disaster Management Plan (DMP) to handle on-site and off-site emergencies. Hence, QRA is
an invaluable method for making informed risk based process safety and environmental impact
planning decisions, as well as being fundamental to any facility-sitting decision making. QRA
whether site specific or risk specific for any plant is complex. It needs extensive study that
involves process understanding, hazard identification, consequence modeling, probability date,
vulnerability model/data, local weather, terrain conditions and local population data. QRA may
be carried out to serve the following objectives:
 Identification of safety areas.
 Identification of hazard sources.
 Generation of accidental release scenarios for escape of hazardous materials from the facility.
 Identification of vulnerable units with recourse to hazard indices.
 Estimation of damage distances for the accidental release scenarios with recourse to
Maximum Credible Accident (MCA) analysis.
 Hazard and Operability Study (HAZOP) in order to identify potential failure cases of
significant consequences.
 Estimation of probability of occurrences of hazardous events through fault tree analysis and
computation of reliability of various control paths.