4 - Basic Risk Assessment Concepts

Question 1

What is Risk :

Risk is the combination of ,,,,,,, associated with the event

Answer 1

POF & COF

Question 2

What is Risk :

,,,,,,,is sometimes used as a synonym for probability

Answer 2

Likelihood

Question 3

What is Risk :

Effective risk assessment should be a process that contains at least two key steps;

Answer 3

1) determine how significant the risk is

2) determine whether the risk is acceptable

Question 4

Risk Management and Risk Reduction:

Risk reduction is the act of ,,,,,a known risk

Answer 4

mitigating

Question 5

Risk Management and Risk Reduction:
Risk management is a process to assess risks, to
determine if ,,,,, is required, and ,,,, to maintain risks at an acceptable level

Answer 5

risk reduction

to develop a plan

Question 6

Evolution of Inspection Intervals and Due Dates:
The effectiveness of inspection programs varies widely, ranging from reactive programs, which concentrate on ,,,, of concern, to broad proactive programs covering a variety of equipment

Answer 6

known areas

Question 7

Evolution of Inspection Intervals and Due Dates:
RBI represents the next generation of inspection approaches and interval/due date setting, recognizing that the ultimate goal of inspection is ,,,, and ,,,, of operating facilities

Answer 7

the safety

reliability

Question 8

Evolution of Inspection Intervals and Due Dates:
RBI, as a risk-based approach, focuses attention specifically on the ,,,, and ,,,, representing the most risk to the facility

Answer 8

equipment

associated damage mechanisms

Question 9

Evolution of Inspection Intervals and Due Dates:

Though there can be many definitions for failure of pressure equipment, in this document failure is defined as ,,,,,

Answer 9

loss of containment.

Question 10

Overview of Risk Analysis:
Any particular analysis may not yield usable results due to a lack of data, low-quality data, Therefore, the risk analysis should be ,,,,, before decisions are made based on the analysis results.

Answer 10

validated

Question 11

Overview of Risk Analysis:
The logical progression after completing the risk analysis is ,,,,, and, if necessary, other mitigation actions, and to evaluate the ,,,,

Answer 11

to develop an inspection plan

residual risk

Question 12

Overview of Risk Analysis:

If the risk is not acceptable, consider ,,,

Answer 12

mitigation

Question 13

Overview of Risk Analysis:
If the damage mode is general metal loss, a mitigation
plan could consist of ,,,,

Answer 13

on-stream wall thickness measurements,

Question 14

Inspection Optimization:

Where there is no inspection, there may be a higher,,,

Answer 14

level of risk

Question 15

Inspection Optimization:
,,,,,,,, inspections in certain cases may cause additional
deterioration

Answer 15

invasive

Question 16

Inspection Optimization:

,,,, cannot be reduced to zero solely by inspection efforts

Answer 16

risk

Question 17

Relative Risk vs Absolute Risk:

Calculating absolute risk can be ,,,, and costly, and often cannot be done with a ,,,, due to too many uncertainties

Answer 17

very time-consuming

high degree of accuracy

Question 18

Relative Risk vs Absolute Risk:

RBI is focused on a ,,,,determination of relative risk

Answer 18

systematic

Question 19

Relative Risk vs Absolute Risk:
When a quantitative RBI study is conducted ,,,, and ,,,,, , the resultant risk number is a good approximation of the actual risk of loss of containment due to deterioration

Answer 19

rigorously

properly

Question 20

Relative Risk vs Absolute Risk:
,,,,, risk values properly determined using qualitative and semi-quantitative approaches and the appropriate sensitivity analysis are effective methods to evaluate and manage risk

Answer 20

numerical relative