Asset Management Risk-Based Asset Management 1

Question 1

What is the primary goal of risk-based asset management?

Accepted Answer

Prioritize maintenance and investment decisions based on risk and consequence

Answer

Risk-based asset management prioritizes resources toward assets where failure would have the highest risk and consequence.

Question 2

How is risk typically calculated in a risk matrix?

Accepted Answer

Risk = Probability of failure × Consequence of failure

Answer

Risk is the product of the probability (or likelihood) of a failure event and its consequence (impact) if it occurs.

Question 3

Which failure analysis method uses a tree diagram to trace how top-level failures can be caused by combinations of lower-level events?

Accepted Answer

Fault Tree Analysis (FTA)

Answer

Fault Tree Analysis (FTA) uses a top-down tree diagram to identify all combinations of failures that could lead to a top-level undesired event.

Question 4

What does FMEA stand for in asset risk management?

Accepted Answer

Failure Mode and Effects Analysis

Answer

FMEA (Failure Mode and Effects Analysis) systematically identifies potential failure modes and evaluates their effects on system performance.

Question 5

In risk-based inspection (RBI), inspection intervals are determined primarily by:

Accepted Answer

The assessed probability and consequence of failure

Answer

RBI sets inspection frequency based on a risk assessment that considers both the likelihood of failure and the potential consequences.

Asset Management Practice Test