API 580

The core idea is to understand risk, which in RBI is generally defined as:

Risk = Likelihood of Failure x Consequence of Failure

Let's break down these two main components:

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In API 580, you'll extensively deal with Damage Mechanisms (DMs) and Failure Modes (FMs). They're distinct but interconnected concepts essential for Risk-Based Inspection (RBI).

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Risk is generally defined as a combination of probability (how likely something is to happen) and consequence (how bad it would be if it did).

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When assessing likelihood for RBI (Risk-Based Inspection), you're primarily estimating the Probability of Failure (PoF). This isn't about a single component failing once, but rather the frequency or probability of a specific damage mechanism leading to failure within a given timeframe.

Risk = POF x COF

Let's break these down:

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Consequence assessment is one half of the risk equation (Risk = Probability x Consequence). You're trying to quantify the negative outcomes if an equipment failure occurs. This isn't just about the immediate damage; it also includes secondary effects like business interruption or reputational harm.

API 580 primarily focuses on three main types of consequences: