Optimization of <scp>QRA</scp> tools &amp; Power <scp>BI</scp> interrogation to support agile risk‐informed decision‐making

Abstract Quantitative risk assessments (QRAs) have helped assure the oil &amp; gas industry and stakeholders (neighbors and regulators) that our facilities can be operated safely and have identified areas where the risk of major accident events can be better managed. QRA tools available in the industry necessitate a premium of cost and time in the quest for required quality. This creates a challenge for projects and operating assets in making risk‐informed decisions in a timely manner. Chevron, in partnership with a commercial software vendor, optimized both onshore and offshore QRA applications, reducing cycle time and cost by over 70%. These applications support agile project development, provide the data needed to make day‐to‐day operations decisions, analyze various potential risk reduction strategies in real time, and reduce reliance on third parties. Chevron also developed in‐house Power BI tools to interrogate QRA results such that the top risk contributors can instantly be traced back all the way down to a single release event. The published QRA results in Power BI can be accessed and interrogated by any user with no background or skillset to operate a QRA tool. This enables the customers to easily understand the QRA results and its top risk contributors.