RBI Risk

From ReliaWiki
Revision as of 17:35, 22 April 2014 by John Leavitt (talk | contribs)
(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to navigation Jump to search



Calculation of Risk

In ReliaSoft RBI and API RP 581 risk is equal to the product of the probability of failure and the consequence of failure. This can be seen in the below graphic.

RiskCalc.PNG

Risk As a Function of Time

Risk from multiple causes do compound; however, they are not additive as the probabilities of failure for each cause are not additive.

Risk Cannot be Zero

Risk cannot ever be equal to zero because residual risk factors always exist. The below graphic shows how residual risk is not affected by RBI.

Risk vs. Level of Inspection.PNG