API 580 Risk Based Inspection Practice Test

Which of the following is a goal of an RBI assessment?

1. Identify the market value of assets

2. Define risk criteria to judge acceptability of risk

3. Prepare financial reports on inspection costs

4. Determine the lifespan of equipment

The correct answer is: Define risk criteria to judge acceptability of risk

A key goal of an RBI (Risk Based Inspection) assessment is indeed to define risk criteria to judge the acceptability of risk. This process involves systematically analyzing potential risks associated with equipment and determining the thresholds for acceptable levels of risk exposure. By establishing clear risk criteria, organizations can prioritize their inspection resources more effectively, targeting assets that present the highest risk and facilitating better decision-making concerning maintenance, inspection schedules, and overall asset management. In the context of RBI, defining risk criteria allows for a more structured approach toward managing the integrity of assets. The criteria can incorporate factors like the likelihood of failure, the consequences of failure, and operational context, thereby ensuring that safety and operational reliability are maintained within acceptable bounds. The other options do not align with the primary objectives of an RBI assessment. Identifying the market value of assets focuses more on financial valuation rather than risk management. Preparing financial reports on inspection costs pertains to budgetary concerns rather than assessing and managing risk. Lastly, determining the lifespan of equipment is more about asset lifespan and performance rather than directly evaluating risks associated with the use of that equipment.