4 - Basic Risk Assessment Concepts Flashcards
What is Risk :
Risk is the combination of ,,,,,,, associated with the event
POF & COF
What is Risk :
,,,,,,,is sometimes used as a synonym for probability
Likelihood
What is Risk :
Effective risk assessment should be a process that contains at least two key steps;
1) determine how significant the risk is
2) determine whether the risk is acceptable
Risk Management and Risk Reduction:
Risk reduction is the act of ,,,,,a known risk
mitigating
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
risk reduction
to develop a plan
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
known areas
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
the safety
reliability
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
equipment
associated damage mechanisms
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 ,,,,,
loss of containment.
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.
validated
Overview of Risk Analysis:
The logical progression after completing the risk analysis is ,,,,, and, if necessary, other mitigation actions, and to evaluate the ,,,,
to develop an inspection plan
residual risk
Overview of Risk Analysis:
If the risk is not acceptable, consider ,,,
mitigation
Overview of Risk Analysis:
If the damage mode is general metal loss, a mitigation
plan could consist of ,,,,
on-stream wall thickness measurements,
Inspection Optimization:
Where there is no inspection, there may be a higher,,,
level of risk
Inspection Optimization:
,,,,,,,, inspections in certain cases may cause additional
deterioration
invasive
Inspection Optimization:
,,,, cannot be reduced to zero solely by inspection efforts
risk
Relative Risk vs Absolute Risk:
Calculating absolute risk can be ,,,, and costly, and often cannot be done with a ,,,, due to too many uncertainties
very time-consuming
high degree of accuracy
Relative Risk vs Absolute Risk:
RBI is focused on a ,,,,determination of relative risk
systematic
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
rigorously
properly
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
numerical relative
