Compose a document that explains the advantages and disadvantages of each of the three methods and recommends one for adoption. Hazard Analysis Techniques

Hazard Analysis Techniques

Preliminary Hazard Analysis is a method of risk assessment that involves the identification and evaluation of hazards. One advantage of PHA is that it can be completed quickly, making it a useful tool for identifying and addressing immediate hazards (Henderson & Razzak, 2019). However, PHA may not be as effective at identifying all potential hazards, as it relies on the knowledge and experience of the individuals conducting the analysis (Henderson & Razzak, 2019). Failure Modes and Effects Analysis is a method that identifies potential failure mechanisms and assesses the probability and impact of each one (Li and colleagues, 2021). FMEA can be used to help organisations identify possible failures and take preventative steps (Li, et al. 2021). However, FMEA can be time-consuming and may require a significant amount of resources to complete (Henderson & Razzak, 2019). Bow-Tie Analysis is a risk assessment technique that involves creating a visual representation of the relationships between hazards, controls, and potential consequences (Henderson & Razzak, 2019). One advantage of Bow-Tie Analysis is that it provides a clear and concise overview of the potential risks and controls in a system (Henderson & Razzak, 2019). Bow-Tie Analysis can be more effective in identifying potential hazards than other methods, however, because it is dependent on the expertise and knowledge of the people who are creating it (Li et. al., 2021).