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API 580

  1. What is risk?
    Probability x consequence

    4.1
  2. Effective risk assessment should contain at least what two  key steps?
    Determine how significant the risk is and determine whether the risk is acceptable.

    4.1
  3. Difference between risk management and risk reduction?
    Risk reduction is the act of mitigating a known risk. Risk management is a process to assess risks, to determine if risk reduction is required, and develop a plan to maintain risks at an acceptable level.

    4.2
  4. What is failure defined as?
    Loss of containment

    4.3
  5. Risk is assessed by identifying _____, _____, _____, and identifying _____ to enable development of effective risk mitigation strategies.
    credible damage mechanisms, estimating the POFs, assessing the COFs, and the risk drivers

    4.4
  6. If excessive inspection is applied, the level of risk:
    May even go up

    4.5
  7. Can risk be reduced to zero soley by inspection efforts?
    No

    4.5
  8. RBI is focused on a systematic determination of:
    Relative risk

    4.6
  9. Many variables are in involved with loss of containment in hydrocarbon and chemical facilities, and the determination of absolute risk is often:
    not possible or nor cost effective

    4.6
Author
Gibby
ID
343801
Card Set
API 580
Description
Section 4 Basic Risk Assessment Concepts
Updated

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