The complexity of risk calculations is a function of the
number of factors that can affect the risk. Calculating absolute risk can be
very time and cost consuming and often, due to having too many uncertainties,
is impossible. Many variables are involved with loss of containment in
hydrocarbon and chemical facilities and the determination of absolute risk
numbers is often not cost effective. RBI is focused on a systematic
determination of relative risks. In this way, facilities, units, systems,
equipment or components can be ranked based on relative risk. This serves to
focus the risk management efforts on the higher ranked risks.
It is considered, however, that if a Quantitative RBI study
is conducted rigorously that the resultant risk number is a fair approximation
of the actual risk of loss of containment due to deterioration. Numeric risk
values determined in qualitative and semi-quantitative assessments using
appropriate sensitivity analysis methods also may be used to evaluate risk
acceptance. (API RP 580)
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