Inspection
Work Planning
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The potential impact that would result if an asset or component were to fail.
Consequence of Failure (CoF) is the measure of the potential impact associated with the failure of an asset, equipment item or system. Consequences may include impacts on personnel safety, environmental performance, production, asset damage, regulatory compliance and financial performance. CoF is commonly evaluated alongside Probability of Failure (PoF) or Likelihood of Failure (LoF) as part of risk assessment and Risk-Based Inspection methodologies.
Understanding the consequence of failure enables organizations to prioritize inspection, maintenance and investment activities based on business risk rather than asset condition alone.
Consequence categories commonly include safety, environmental, production, financial and reputation impacts. Organizations frequently define consequence categories and scoring criteria within their corporate risk matrices.
Consequence of Failure measures the severity of a potential failure and should not be confused with Probability or Likelihood of Failure, which estimate how likely the failure is to occur.
Risk Management; Mechanical Integrity; Reliability Engineering; Asset Management; Process Safety.
Performing Risk-Based Inspection.; Prioritizing maintenance activities.; Assessing business risk.; Evaluating critical equipment.; Supporting investment decisions.
API RP 580; API RP 581
VisualAIM connects glossary concepts to the asset records, inspection histories, and workflows they describe.
