API 580 Risk Based Inspection Practice Test

What should the total probability of all consequence scenarios equal?

1. 0

2. 0.5

3. 1

4. 100%

The correct answer is: 1

In the context of risk-based inspection, the total probability of all consequence scenarios must equal 1. This represents the idea that when considering all possible outcomes, the sum of their probabilities must account for every possible scenario that could occur. Probability is expressed as a decimal fraction of 1, where 0 represents impossibility and 1 indicates certainty. When evaluating various consequence scenarios, the total probability being equal to 1 ensures that one has a comprehensive picture of all potential outcomes within the risk assessment framework. It reflects the principle that you have accounted for all possibilities – meaning that between all considered scenarios, there is a total certainty of occurrence spread across those scenarios. This understanding is crucial in risk assessment as it provides a foundation for making informed decisions regarding risk management strategies and resource allocation during inspections, ensuring that risks are adequately evaluated and mitigated.