All organisations have business, legal or operational objectives that must be met or exceeded whilst managing risk.
Risk analysis is used to quantify the risks involved across a range of industries. There are many existing techniques for performing this analysis, but in some instances, it is desirable to extend these methods. This often necessitates some ingenuity in the approach taken to the analysis to provide additional insight into the problem area.
Risk is dependent on the likelihood and severity of an undesirable event. In safety critical industries, the likelihood of an undesirable event occurring can be related to the reliability of its protective safety measures. In corporations, it could be the failure of their processes.
Reliability analysis consists of several interrelated disciplines and techniques which collectively fall under the branch of engineering known as RAMS (Reliability, Availability, Maintainability and Safety). This area of work focuses on assessing and optimising the dependability of systems and components, thereby reducing risk.
It is important that risk analysis methods provide as much insight as economically possible, to aid the effective estimation and management of risks. The development of existing methods can have immediate tangible benefits, including streamlining practices, providing enhanced accuracy, or providing additional insight. The continued development of existing risk analysis techniques is one part of providing the necessary tools to achieve these goals.
Reliability, to some degree or another, is an attribute of all systems. It is generally agreed that greater reliability is preferable to lesser reliability. However, increased reliability often comes with increased cost. The basis of a successful RAMS programme is to find the appropriate balance.
CRA have in house specialist modellers who have experience in developing analysis techniques across a range of industries and applications.
CRA have both the industrial experience and academic knowledge to perform best practice risk analyses, integrating our work with our clients’ existing techniques.
Our team members are some of the UK’s leading practitioners in the field of Probabilistic Safety Assessments, which depend heavily on reliability analysis techniques. We have experience of applying RAMS techniques to a wide range of industries, including Nuclear Power, Defence, Transport and Oil & Gas.
CRA prides itself on taking a tailored “common sense” approach to the development of our Risk & Reliability services, in order to supply economically feasible, practical solutions.
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