RBI Risk
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Calculation of Risk
In ReliaSoft RBI and API RP 581 risk is equal to the product of the probability of failure and the consequence of failure. This can be seen in the below graphic.
Risk As a Function of Time
Risk from multiple causes do compound; however, they are not additive as the probabilities of failure for each cause are not additive.
Risk Cannot be Zero
Risk cannot ever be equal to zero because residual risk factors always exist. The below graphic shows how residual risk is not affected by RBI.
