Armed with a modern risk assessment, risk management becomes much more transparent and even exciting. Seeing cost/benefits of proposed risk reduction actions provides clarity and, often, some ‘ah-ha!’ moments. Please click this link to read the pdf file of this article.
Author: WKM Staff
Words Matter
Risk Concepts sometimes harbor challenges in understanding and communications. This means that we must employ extra care in our choice of language when discussing risk issues. Read the article (pdf file)
Updating guidance documents for pipeline threat identification and risk assessment
Unfortunately, the US guidance documents for pipeline risk assessment are still not up to date. This continues to be a source of confusion for some and frustration for others. Please click this link to read the pdf file of this article.
Risk is PoF x CoF—Where Should the Focus Be?
Risk is PoF x CoF—Where Should the Focus Be? This simple equation: Risk = PoF X CoF shows us that there are two general ways to reduce risk. We can reduce PoF or CoF. On which are our energies best spent? While both are essential, there is a compelling argument to be made […]
Facilities / tanks / pumps / compressors / appurtenances / etc, General, Modeling, Risk Assessment, Risk Assessment Methodologies
Pipeline Risk Assessment
Risk assessment on any facility is most efficiently done by first dividing the facility into components with unchanging risk characteristics. For a cross-country pipeline, this involves collecting data on all portions of the pipeline and its surroundings and then using this data to ‘dynamically segment’ the pipeline into segments of varying length. Risk algorithms are […]
ILI vs DA—The Risk View
A rather common issue these days is decision making involving comparisons between In Line Inspection (ILI) vs Direct Assessment (DA, and, in particular, External Corrosion DA or ECDA). You may need to research these techniques, if not already familiar to you, since we will assume the reader is fairly familiar with both. Both are acceptable […]
The Test of Time Estimation of Exposure
In the absence of more compelling evidence, an appropriate starting point for the exposure estimation may be the fact that a component or collection of components has not failed after x years in service. This involves the notion of having ‘withstood the test of time’. A component having survived a threat, especially for many years, […]
Getting in the Ballpark
There exists a type of risk analysis that is even more preliminary than a rudimentary assessment. This might be termed more of a risk conceptualization rather than assessment and is based solely on basic deductive reasoning. Illustrated by an example, an analyst may posit that a pipeline’s future risks will mirror the losses shown by […]
Damage vs failure: a risk assessment needs to know the difference
To measure resistance in a way most useful to a risk assessment, we must estimate the possible presence of weaknesses, the rate of emergence of future weaknesses, and the role of each weakness in strength reduction. By W. Kent Muhlbauer, WKM Consulting, Austin, TX, USA Since several of our recent columns have dealt with management-of-risk […]
Is this the same as SRA, LSD?
This recommended pipeline risk assessment methodology is similar to SRA (Structural Reliability Analyses) and LSD (Limit State Design) or LRFD (Load and Resistance Factor Design). This is coincidental, since the methodology was developed independently from these techniques. However, despite the similarities, there are key differences. Similarities include: Focus on engineering principles rather than incident history Accommodates […]