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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 […]
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 […]
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 […]