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, […]
Posts from April 2016
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 […]