Probabilistic Risk Assessment
“How can we determine the risk of an infrastructure project?”
Grand infrastructure projects such as nuclear power plants, high-speed rail, and hydroelectric dams are essential for the backbone of modern human civilization. However, there if there are any faults in these systems, then the consequences could be very severe. As a result, these projects have to undergo Probabilistic Risk Assessment, which entails determining the magnitude of possible consequences and their likelihood suing quantitative analysis.