Definitions for "Probabilistic Risk Assessment"
is a formal process for quantifying the frequencies and consequences of accidents to predict public health risk.
(Also known as PRA.) Provides a systematic approach for transforming failures, termed initiating events, into risk profiles. A PSA, Probability Safety Assessment, generally deals with issues that are safety related, while a PRA may deal with other non-safety issues. The results of the PRA or PSA provide the resulting probabilities of each risk.
A systematic, logical, and comprehensive tool to assess risk (likelihood of unwanted consequences) for the purpose of 1) characterizing and improving system performance and mission success, 2) increasing safety in design, operation and upgrade, and 3) saving money in design, manufacturing or assembly, and operation.