Definition:
A risk evaluation method that visualizes the pathways from potential causes of a risk event to its consequences, highlighting preventive and mitigative controls.
Key Components:
- Hazard Identification: Defines the risk event and its contributing factors.
- Preventive Barriers: Controls that reduce the likelihood of the risk occurring.
- Top Event: The central incident or failure point.
- Mitigative Barriers: Controls that minimize consequences if the risk materializes.
- Consequence Outcomes: Potential impacts of the risk event.
Use Cases/Industries:
- Oil & Gas: Evaluating pipeline rupture risks and response strategies.
- Power Generation: Assessing potential failures in nuclear or thermal plants.
- Industrial Safety: Identifying process hazards and implementing controls.
Advantages:
- Enhanced Risk Visualization: Provides a clear, structured risk overview.
- Holistic Risk Management: Addresses both prevention and response strategies.
- Improved Decision-Making: Helps prioritize risk mitigation investments.
Challenges:
- Complexity in Large Projects: Requires thorough analysis and data collection.
- Interdisciplinary Input: Needs collaboration across multiple technical teams.
- Barrier Reliability: Preventive and mitigative controls must be rigorously maintained.
Related Terms:
Fault Tree Analysis (FTA), Hazard and Operability Study (HAZOP), Risk Management Framework
Example:
A refinery uses Bow-Tie Analysis to assess fire hazards, implementing preventive measures such as leak detection systems and mitigative actions like emergency response drills.
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Synonyms:
Risk Visualization, Cause-Effect Analysis, Risk Barrier Model
