API 580

An ideal and accurate description and quantification of risk

A concept of minimization - Attributes such as risk can only be reduced to a certain minimum under current technology and with reasonable cost

An outcome from an event. Consequences may be positive or negative and there may be more than one consequence from an event. These can be expressed qualitatively or quantitatively.

Physical manifestation of damage. Ex: wall thinning, pitting, cracking, rupturing, etc.

Occurrence of a particular set of circumstances.

An analytical tool that organizes potential occurrences in a logical and graphical manner and shows the events relationship to each other.

Events resulting from forces of nature, acts of God, sabotage, or events such as neighboring fires, etc which are beyond the direct/indirect control of persons employed at the facility.

A physical condition or a release of a hazardous material that could result from component failure and result in human injury or death, loss or damage, or environmental degradation.

A form of failure modes and effects analysis (FMEA). Uses systematic techniques to identify hazards and operability issues throughout an entire facility

A tool used to depict the effectiveness in depicting a combination of events that could result in a loss of containment event.

Limitation of any negative consequence or reduction in probability of a particular event.

A tool used to depict the progression of events and the release of a hazardous material to the environment.

A risk analysis using primarily subject matter expertise and experience to assign broad categorizations for POF and COF.

A risk analysis that uses primarily model-based approaches where numerical values are calculated and more discreet input data used.

The comparative risk of a facility , process unit, system, equipment item, or component to other facilities, process units, systems, equipment items, or components, respectively.

The risk remaining after risk mitigation

Actions taken to lessen the probability, negative consequences, or both associated with a particular risk.

Process of selection and implementation of measures to modify risk.

Coordinated activities to direct and control an organization with regard to risk. Typically includes risk assessment, risk mitigation, risk acceptance, and risk communication.

Exchange or sharing of information about risk between the decision maker and other stakeholders.

Any individual, group, or organization that ma affect, be affected by, or perceive itself to be affected by the risk.

Boiling liquid expanding vapor explosion

Process hazards analysis. Uses a systemized approach to identify and analyze hazards in a process unit.

Failure modes and effects analysis

Hazard and operability assessment

Quantitative risk assessment

Reliability centered maintenance

Process used to assign values o the probability and consequences of risk.

Process of integrating inspection data or or changes into the risk analysis

Decision to accept risk.

Systematic use of information to identify sources and to estimate the risk. Provides a basis for risk evaluation, risk mitigation, and risk acceptance.

Overall process of risk analysis and risk evaluation.

Decision no to become involved in, or action to withdraw from a situation.

Terms of reference by which the significance of risk is assessed.

Risk prior to mitigation activities

Includes aspects of both quantitative and qualitative analysis.

Process to find, list and characterize elements of risk.

Process used to compare the estimated risk against given risk criteria to determine the significance of the risk.

An item affecting either the probability, consequence, or both such that it constitutes a significant portion of the risk.