Quantitative risk assessment is a risk analysis that uses primarily model-based approaches where numerical values are calculated and more discreet input data used. The advantages of a quantitative approach are:

  • Calculates, with some precision, when the risk acceptance limit is reached or exceeded.
  • Discrimination between equipment risk allowing prioritization of mitigation.
  • Trending and monitoring risk exposure over time as well as other metrics.
  • Benchmarking of reliability management such as POF trending and comparisons.

References:

  • API, 2016. 580 Recommended Practice for Risk-Based Inspection. American Petroleum Institute, Washington, DC.

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