This tutorial illustrates a step-by-step process to apply a quantitative analysis methodology to mishap data to approximate the distribution of both the probability and severity of a mishap and examine likely behavior of the co-distribution of probability and severity as the risk reduction process is executed. Utilizing Microsoft Excel?, the appropriate statistical metrics for risk assessment are calculated and will be graphed. With this quantitative analysis methodology, risk now becomes a quantitative item with a known probability distribution, providing a new metric for safety program effectiveness.?