11 - Risk Determination, Assessment, and Management

Question 1

Risk Determination, Assessment, and Management:

Risk shall be determined by ,,,,,

Answer 1

combining the POF and COF

Question 2

Risk Determination, Assessment, and Management:

Formula;
Risk =

Answer 2

probability × consequence

Question 3

Determination of the Probability of a Specific Consequence:

The probability of a specific consequence is tied to the severity of the consequence and may differ considerably from the ,,,,,,

Answer 3

probability of the equipment failure itself

Question 4

Determination of the Probability of a Specific Consequence:

Probabilities of incidents generally decrease with the ,,,,,

Answer 4

severity of the incident.

Question 5

Determination of the Probability of a Specific Consequence:

the loss of containment failure may only be the first event in a series of events that lead to ,,,,

Answer 5

a specific consequence.

Question 6

Calculate Risk :

If probability and consequence are not expressed as numerical values, risk is usually determined by ,,,,

Answer 6

plotting the probability and consequence on a risk matrix

Question 7

Calculate Risk :

Note that when a risk matrix is used, the probability to be plotted should be the probability of the associated consequence, not ,,,,,

Answer 7

the POF

Question 8

Sensitivity Analysis:

Sensitivity analysis typically involves reviewing some or all input variables to the risk calculation to determine ,,,,,

Answer 8

the overall influence on the resultant risk value.

Question 9

Risk Presentation:

Once risk values are developed, they can then be presented in a variety of ways to communicate the results of the analysis to decision-makers and inspection planners. Using a ,,,,,, is helpful in accomplishing this goal.

Answer 9

risk matrix or plot

Question 10

Risk Matrix :

For risk ranking methodologies that use consequence and probability categories, presenting the results in a risk matrix is a very effective way of communicating the distribution of risks throughout a plant or process unit without ,,,,,

Answer 10

numerical values

Question 11

Risk Matrix :

Risk categories may be assigned to ,,,,, on the risk matrix

Answer 11

the boxes

Question 12

Risk Matrix :

A risk matrix depicts results at a ,,,,

Answer 12

particular point in time

Question 13

Risk Plots:

When more quantitative consequence and probability data are being used, and where showing ,,,,, to the stakeholders, a risk plot (or graph) is used

Answer 13

numeric risk values is more meaningful

Question 14

Risk Plots:

Often a risk plot is drawn using ,,,,, for a better understanding of the relative risks of the items assessed

Answer 14

log-log scales

Question 15

Using a Risk Plot or Matrix:

Equipment items residing toward the ,,,,, corner of the plot or matrix (in the examples presented) will most likely take priority for inspection planning because these items have the highest risk

Answer 15

upper right-hand

Question 16

Using a Risk Plot or Matrix:

Once the plots have been completed, the risk plot (or matrix) can then be used as a,,,,, during
the prioritization process

Answer 16

screening tool

Question 17

Using a Risk Plot or Matrix:

Risk may be described in terms of ,,,, or other ,,,,, as described

Answer 17

dollars or numerical values

Question 18

Using a Risk Plot or Matrix:

For cost-related risk, a ,,,,,, vs ,,,,, plot may be used to time the inspection activities

Answer 18

net present value savings Vs inspection time

Question 19

Establishing Acceptable Risk Thresholds:

Reduction of some risks to a lower level may not be practical due to technology and cost constraints. An ,,,, approach to risk management or other risk management approach may be necessary
for these items.

Answer 19

as low as reasonably practical (ALARP)

Question 20

Risk Management:

For risks that are judged acceptable, ,,,, may be required and no further action necessary.

Answer 20

no mitigation

Question 21

Risk Management:

there are various mitigation categories that
should be considered. such as; ,,,,

Answer 21

• Decommission
• Inspection and Repairs
• Consequence Mitigation
• Probability Mitigation