Risk-Based Inspection (RBI) is an analysis methodology and process that, as opposed to condition-based inspection, requires qualitative or quantitative assessment of the probability of failure (PoF) and the consequence of failure (CoF) associated with each equipment item, piping circuits included, in a particular process unit. A properly implemented RBI program categorizes individual pieces of equipment by their risks and prioritizes inspection efforts based on this categorization. 

Advantages

• Use inspection resources more cost-effectively. Better visibility into the health of your critical assets. Reduce the risk of failures. Improve the reliability of the equipment. Identification of operational risks associated with equipment degradation.