Asset Management Risk-Based Asset Management 3

Question 1

What does 'consequence of failure' include in asset risk analysis?

Accepted Answer

Safety impact, environmental harm, financial loss, and reputational damage

Answer

Consequence of failure encompasses all potential impacts: safety, environmental, production, financial, and reputational.

Question 2

What is the term for risk that remains after all mitigation measures have been applied?

Accepted Answer

Residual risk

Answer

Residual risk is the level of risk remaining after controls and mitigations have been implemented.

Question 3

Which tool assigns a Risk Priority Number (RPN) by multiplying severity, occurrence, and detectability scores?

Accepted Answer

FMEA

Answer

FMEA calculates an RPN = Severity × Occurrence × Detection to prioritize which failure modes need the most urgent attention.

Question 4

Risk mitigation strategies in asset management include all of the following EXCEPT:

Accepted Answer

Ignoring low-probability failures

Answer

Ignoring failures is not a mitigation strategy; even low-probability events require documented acceptance or monitoring if they carry significant consequences.

Question 5

What is 'probability of failure on demand' (PFD) most commonly used to assess?

Accepted Answer

Safety instrumented systems and protective devices

Answer

PFD measures the likelihood that a safety instrumented system (SIS) or protective device will fail to operate when demanded.

Asset Management Practice Test

Asset Management Practice Test

Asset Management Risk-Based Asset Management 3