Risk assessment is an essential prelude to the development of accident prevention strategies in any, chemical process industry. But the high costs and time involved in conducting risk assessment by conventional techniques often becomes a deterrent. In order to circumvent this problem, the authors have developed a risk analysis methodology based on a set of reliable rapid techniques and tools. The suitability, of the methodology named by us ORA (Optimal Risk Analysis), has been demonstrated by applying it to a real-life situation.