API 580

  1. Absolute Risk
    An ideal and accurate description and quantification of risk
  2. ALARP
    (As low as reasonably practical)
    A concept of minimization - Attributes such as risk can only be reduced to a certain minimum under current technology and with reasonable cost
  3. Consequence
    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.
  4. Damage Mode
    Physical manifestation of damage. Ex: wall thinning, pitting, cracking, rupturing, etc.
  5. Event
    Occurrence of a particular set of circumstances.
  6. Event Tree
    An analytical tool that organizes potential occurrences in a logical and graphical manner and shows the events relationship to each other.
  7. External event
    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.
  8. Hazard
    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.
  9. HAZOP
    (Hazard and operability study)
    A form of failure modes and effects analysis (FMEA). Uses systematic techniques to identify hazards and operability issues throughout an entire facility
  10. Logic Model
    A tool used to depict the effectiveness in depicting a combination of events that could result in a loss of containment event.
  11. Mitigation
    Limitation of any negative consequence or reduction in probability of a particular event.
  12. Physical model
    A tool used to depict the progression of events and the release of a hazardous material to the environment.
  13. Qualitative risk analysis
    A risk analysis using primarily subject matter expertise and experience to assign broad categorizations for POF and COF.
  14. Quantitative risk analysis
    A risk analysis that uses primarily model-based approaches where numerical values are calculated and more discreet input data used.
  15. Relative Risk
    The comparative risk of a facility , process unit, system, equipment item, or component to other facilities, process units, systems, equipment items, or components, respectively.
  16. Residual Risk
    The risk remaining after risk mitigation
  17. Risk Reduction
    Actions taken to lessen the probability, negative consequences, or both associated with a particular risk.
  18. Risk Mitigation
    Process of selection and implementation of measures to modify risk.
  19. Risk management
    Coordinated activities to direct and control an organization with regard to risk. Typically includes risk assessment, risk mitigation, risk acceptance, and risk communication.
  20. Risk Communication
    Exchange or sharing of information about risk between the decision maker and other stakeholders.
  21. Stakeholder
    Any individual, group, or organization that ma affect, be affected by, or perceive itself to be affected by the risk.
  22. BLEVE
    Boiling liquid expanding vapor explosion
  23. PHA
    Process hazards analysis. Uses a systemized approach to identify and analyze hazards in a process unit.
  24. FMEA
    Failure modes and effects analysis
  25. HAZOP
    Hazard and operability assessment
  26. QRA
    Quantitative risk assessment
  27. RCM
    Reliability centered maintenance
  28. Risk Estimation
    Process used to assign values o the probability and consequences of risk.
  29. Reassessment
    Process of integrating inspection data or or changes into the risk analysis
  30. Risk Acceptance
    Decision to accept risk.
  31. Risk Analysis
    Systematic use of information to identify sources and to estimate the risk. Provides a basis for risk evaluation, risk mitigation, and risk acceptance.
  32. Risk Assessment
    Overall process of risk analysis and risk evaluation.
  33. Risk Avoidance
    Decision no to become involved in, or action to withdraw from a situation.
  34. Risk Criteria
    Terms of reference by which the significance of risk is assessed.
  35. Unmitigated risk
    Risk prior to mitigation activities
  36. Semi-Quantitative Analysis
    Includes aspects of both quantitative and qualitative analysis.
  37. Risk Identification
    Process to find, list and characterize elements of risk.
  38. Risk Evaluation
    Process used to compare the estimated risk against given risk criteria to determine the significance of the risk.
  39. Risk Driver
    An item affecting either the probability, consequence, or both such that it constitutes a significant portion of the risk.
Card Set
API 580
Section 3 Defintions ONLY