Which tool is commonly used for risk assessment in PSM?

Failure Mode and Effects Analysis (FMEA) is widely recognized as a critical tool for risk assessment in Process Safety Management (PSM). FMEA systematically identifies potential failure modes of a process or equipment and evaluates their causes and effects on system performance. This proactive approach helps organizations prioritize risks based on their severity, likelihood, and detectability, enabling effective mitigation strategies to be developed.

FMEA is particularly valuable in PSM because it promotes a thorough understanding of how different failure modes could impact safety, reliability, and operational integrity. By focusing on the potential failures and their consequences, organizations can address safety concerns before they result in incidents or accidents, thus ensuring a safer working environment.

The other tools mentioned serve different purposes. SWOT Analysis evaluates strengths, weaknesses, opportunities, and threats mainly in strategic planning rather than focused risk assessment. Cost-Benefit Analysis is primarily used to weigh the financial pros and cons of projects or decisions, and Market Analysis focuses on understanding market dynamics and competition rather than safety risks specific to processes.