Video Description
In Inspectioneering’s inaugural Whiteboard Discussion video, Chief Editor Greg Alvarado takes a few minutes to explain the impact of uncertainty on risk analysis and how it should be handled according to the API RP 581 methodology: "How much confidence do I need to have in what I believe to be the true damage state of the equipment?" The risk threshold or target (there may be other targets such as a damage factor target) will dictate when more information is needed to drive down the calculated risk, if it is possible (i.e., the equipment in actuality is not nearing end of useful life). API RP 581 reduces or artificially raises the damage factor (associated with Probability of Failure) in the absence of data. This is common of the Bayesian approach in managing uncertainty. The intent is to only require investing in inspection, or other risk mitigation actions, such as installing a liner or cladding, or upgrading materials of construction if it is truly necessary.
