API-580 Exam Dumps : API 580 - Risk Based Inspection

Section 11.6.3 of API 580 defines iso-risk lines:

“An ISO-risk line represents a constant risk level... All items that fall on or very near the ISO-risk line are roughly equivalent in their level of risk.”

This confirms that iso-risk lines plot constant risk across varying combinations of probability and consequence.

API 580 Section 6.6 specifies:

“The resources and time required to implement an RBI assessment will vary widely between organizations depending on a number of factors including... g) degree of precision required.”

Other listed factors include knowledge and training, data availability, and complexity of analysis, but not the number of mitigation activities or whether CoF or PoF is the dominant risk driver.

As defined in Section 3.1.59 of API 580:

“Risk assessment: The systematic use of information to estimate risk and conduct risk evaluation.”

Option A refers more closely to hazard identification, C is the definition of risk management, and D describes part of the risk analysis process, but not the full definition of risk assessment.