Risk assessment can be applied at all phases of project life cycle. The level of details is different
in each phase based on the available information and the required detail to assist the decision
maker at each phase. For example, during the conceptualization phase, hazard and risk
assessment is applied to evaluate the different alternative concepts to help evaluate the weakness
and strength of each of them. In planning and design phase, hazard and risk assessment
contributes to ensuring that risks are tolerable, assist cost effectiveness studies and hazard
identification, etc. Additionally, as the activity proceeds risk assessment can be used as a
resource of information in developing procedures for normal and emergency conditions (IEC,
2008; Mannan, 2005; Nolan, 2008; Sutton, 2010).