Dear SSM
Please go through the below inputs from Mr. KVS which I received over mail to help you:
Hazard analysis - The goal of a hazard analysis is to determine the most likely outcome of a specific set of conditions. This can be a subset of risk assessment.
A
hazard analysis is used as the first step in a process used to assess risk. The result of a hazard analysis is the identification of risks. Preliminary risk levels can be found in the hazard analysis. The validation, more precise prediction and acceptance of risk is determined in the Risk assessment.
Risk assessment is a step in a risk management procedure. Risk assessment is the determination of quantitative or qualitative value of risk related to a concrete situation and a recognized threat (also called hazard).
Risk analysis can be broken down into two broad methods, and these methods are qualitative and quantitative.
Qualitative Risk Assessment assesses the impact and likelihood of the identified risks in a rapid and cost-effective manner. By evaluating the priority of risks with consideration to impact on the project's cost, schedule, scope and quality objectives, Qualitative Risk Analysis provides a foundation for a focused quantitative analysis or Risk Response Plan.
Quantitative Risk Assessment is completed on the prioritized risks from Qualitative Analysis studying the effect of risk event deriving a numerical value. Quantitative Risk Analysis is performed to access the probability of achieving specific project objectives, to quantify the effect of the risk on the overall project objective, and to prioritize the risk based on significance to overall project risk.
In addition to this, I’m attaching a file on 5 Steps to Risk Assessment from HSE of UK. This gives a clear idea about the steps involved (there are also 6 steps considered) to perform a risk assessment. This will be helpful to all.