What does this cost?

Data collection remains the higher cost aspect of pipeline risk assessment. If data has been collected properly and is currently being used in almost any older type of risk assessment methodology, it can normally be readily adapted and used to generate updated risk estimates using this more modern and more complete methodology. Costs in the order of one to two man-weeks to make such migrations are common.

Previous risk assessment approaches served us well in the past. They helped support decision making by crystallizing thinking, removing subjectivity, and helping to ensure consistency. But the era of many older approaches has passed, due to increased expectations as well as the now superior analyses techniques and availability of powerful and inexpensive computer tools.