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

API 580 defines risk mitigation as follows:

“Risk mitigation: Process of selection and implementation of measures to modify risk. The term risk mitigation is sometimes used for measures themselves.”

This definition is provided in Section 3.1.67 of API 580. It is also emphasized throughout the document that mitigation may address either probability or consequence or both, and includes actions such as inspection, maintenance, repair, replacement, and design changes.

As stated in API 580 Section 7.3:

“The data quality has a direct relation to the relative accuracy of the RBI analysis. Although the data requirements are quite different for the various types of RBI analysis, quality of input data is equally important no matter what approach to RBI is selected.”

This highlights that data quality is critical across qualitative, semi-quantitative, and quantitative analyses.

According to Section 5.3.6:

“The spectrum of risk analysis should be considered to be a continuum with qualitative and quantitative approaches being the two extremes of the continuum and everything in between being a semi-quantitative approach.”

This clearly defines the "continuum" as ranging from qualitative to quantitative methods, with semi-quantitative approaches in between.