Hazard analysis is a continuous process that has to be performed to mitigate hazards that can be introduced at any stage from requirements, design, development, product testing, installation, commissioning, operation, system maintenance, and disposal of a system. Some of the events that could initiate hazard analysis include –

Concept definition
Reviews of requirement, design, design change
Evaluation of different plans including installation and commissioning, operating and support, decommissioning
By conducting hazard analysis, organisations can

Improve the quality of the product
Reduce down time of processes
Enhance process or procedure
Promotes safety feeling among employees