API RP 581 - 3rd Ed.2016 - Add.2-2020 - Risk-Based Inspection Methodology

1-30 API RECOMMENDED PRACTICE 581
10,000
3.1E-01
Damage Factor / POF Category
5
1,000
4
100
3
10
2
1
Low
Medium
Medium-High
High
3.1E-02
3.1E-03
3.1E-04
3.1E-05
Probability of failure, events/year
1
( gff = 3.06E-5)
0
3.1E-06
1,000 A 10,000 B 100,000 C 1,000,000 D 10,000,000 E 100,000,000
Consequence of Failure, $ / COF Category
10 $/year 1,000 $/year 100,000 $/year
Figure 4.5—Example Iso-risk Plot for Financial Consequence