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This paper presents a stochastic logic‐based method for quantitative risk assessment using fault tree analysis (FTA) that can take into account both types of uncertainties including objective and subjective uncertainties. In the proposed method, each fault tree gate is translated to its corresponding stochastic logic template and then is implemented on a field programmable gate array (FPGA). Because the analysis does not utilize any transformation methods, the results of analysis are more accurate than those methods which are based on transformation from possibility to probability distributions or vice versa. Experimental results for a benchmark fault tree show that this method accelerates analysis time compared to conventional hybrid uncertainty analysis method and transformation methods. The efficiency of the proposed method is demonstrated by implementation in a real steel structure project. The quantitative risk assessment is performed for the incomplete penetration as one of the defects encountered in arc welding process, and its results are compared with transformation methods. The comparison results show the proposed hybrid uncertainty analysis method is also more accurate in comparison to the transformation‐based approaches. Copyright © 2016 John Wiley & Sons, Ltd.
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