Risk quantification can help in understanding and managing risk. Establishing quantitative risk criteria can be a key component to risk decision-making and many companies use quantitative risk criteria, either formally or informally. The Center for Chemical Process Safety issued its guidance on developing quantitative safety risk criteria in 2009 – CCPS Guidelines for Developing Quantitative Safety Risk Tolerance Criteria. This paper addresses some of the ore common challenges in developing and implementing safety risk tolerance criteria.
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