The risk analysis methods encompass different types of qualitative and
quantitative risk analysis, which is applied during risk assessment in order to support
decisions to mitigate the risk whenever it is necessary. Depending on the type of
industry the risk requires a systematic risk management, which is supported by risk
analysis methods. During recent decades, many procedures, laws and methods have
been applying such risk methods. However, substantial effort is still necessary in order
to mitigate the industrial risk in some industries such as Transportation, Aerospace,
Chemical, Oil & Gas and Nuclear because those are responsible for the worst accidents
in terms of consequences for employee’s health, environment and society. Therefore,
the first step to avoid or mitigate these risks are to apply a systematic risk analysis to
enable identify, analyze, evaluate and mitigate such risks. This chapter describes the
best risk analysis methods to support the risk management process.
Keywords: Risk, risk matrix, risk mitigation, risk management, preliminary
hazard analysis, failure mode analysis, hazard and operability analysis.
