This paper presents a study which deals with the analysis of hazardous conditions and near misses using the fault trees. These conditions may lead to accidents and catastrophes. In particular, specific data is collected on the situations or disorders that could lead to hazardous and near miss conditions in a company. A near miss is an occurrence of an event that could almost result in a catastrophe. Based on the collected data, approximate probabilities are assigned to various basic events and a risk assessment is made for the final events, such as the hazardous and the near-miss events. The analysis was useful in identifying all the related sub-events and basic events in a fault tree structure in addition to determining the probability of final events. In addition to evaluation of associated risks, cost analysis were also carried out to determine possible accident prevention costs. These types of analysis help the managers to visually see all the possibilities and to take the necessary actions for eliminating possible causes of accidents and increasing the safety to a maximum possible level.