Jun 03, 2016

Bundle Risk-Based Inspection (RBI) methodology evaluates the consequence of failure (COF) and probability of failure (POF) to determine an overall financial risk. The POF of bundle RBI is calculated by comparing similar service bundles to determine a characteristic bundle life. The COF of bundle RBI considers the costs that would incur given a bundle failure. The COF calculation considers production and environmental impacts and bundle replacement costs. By comparing the risk of a bundle to an acceptable financial risk limit, an inspection plan can be developed to optimize turnaround (TA) activities, including bundle replacement and inspection.

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