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Risk-Based Inspection

API ICP Self Study Notes

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<strong>Risk</strong> is the combination of the probability of some event occurring during a time<br />

period of interest and the consequences, (generally negative) associated with<br />

the event.<br />

风 险 是 在 指 定 时 间 段 某 些 事 件 发 生 的 (1) 概 率 和 (2) 后 果 ( 一 般 为 负 面 ) 组 合 .<br />

风 险 = 概 率 × 后 果<br />

In mathematical terms, risk can be calculated by the equation:<br />

<strong>Risk</strong> = Probability × Consequence<br />

Likelihood is sometimes used as a synonym for probability, however probability<br />

is used throughout this document for consistency. Effective risk assessment<br />

should be a rational, logical, structured process, which contains at least two key<br />

steps. First to determine how big the risk is; and second, to determine whether<br />

the risk is acceptable.<br />

API 580<br />

Charlie Chong/ Fion Zhang

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