The API Inspection Codes were originally based on failure prevention and did not consider the consequences of failure or potential damage mechanisms. Risk-based inspection (RBI) assessments result in an equipment risk ranking based on the probability of failure (a leak occurring) and the consequence associated with that leak. Applied properly, RBI provides the benefit of increasing operating efficiencies and unit run lengths of process facilities while maintaining or reducing the current level of risk. As stated above, risk has two components, probability and consequence. In risk-based inspection, the probability of failure is determined by evaluating the initial design conditions and the amount of damage that can potentially occur while the equipment is in operation. Uncertainty in the model is also address by crediting previous inspections. Consequences are commonly evaluated in terms of environmental, health, and safety impact areas or financial loss (lost opportunity, repair costs, etc.). Consequences are also evaluated based...
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