Risk Analysis : Risk And Hazard Essay

Risk Analysis : Risk And Hazard Essay

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. INTRODUCTION:
An accident or hazard are inevitable and frequently occurring events that turns up immediately and unexpectedly leading to some negative consequences. If we look into an academic definition of a hazard, it can be defined as any external agent which can possess a threat to human life, animals, sea life and our surrounding environment through physical, chemical, environmental or mechanical mode of contamination (Kungwani 2014). Often when two particular terms are put under consideration that is risk and hazard, there is miss-interpretation of definitions for both the terms as people consider risk and hazard the same thing. Risk is differentiated from hazard in a sense that it defines the probability of occurrence of unexpected event due to full exposure to a hazard that will further show up with some negative consequences. (Purdy 2010)
Risk analysis is generally considered to be of cardinal importance during occurrence of a hazard or an accident as it enables the individuals to have a fair idea of probability of occurrence of various risks associated with the particular hazard and their severity rate also. Risk analysis can be well defined in two categories that is assessment of risks and management of risks (Tularam & Attili 2012). Risk assessment comprises of various sub processes like risk identification, risk evaluation and calculating the probability of occurrence of unexpected event and its severity rate. Second category deals with the management of risk in terms of what necessary actions to be taken in order to deal with the identified risks associated with a particular risk event. Risk analysis process is considered to be successor of a hazard or an accident that and plays a significant role in confronting nu...


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...f toxic and inflammable fluids which will further initiate a series of subsequent incidents hence resulting in big explosions and fire break outs possessing a huge damage to manpower, property and surrounding environment (Taylor 2007). In order to confront such hazards and accidents, a set of standardized safety procedures is developed for the petroleum and oil gas companies who are involved in operations related to transportation of petrol or gas and working with an environment where such inflammable and toxic fluids are present to warn them against that worst incident scenario that industry have to face during violation of these code of conducts. These code of conducts are basically known as DEFINED HAZARD AND ACCESS CONDITIONS which are followed by every petroleum and oil gas company in order to safeguard themselves from any unexpected hazard. (Okstad et al. 2012)

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