Inspection
Work Planning
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The estimated probability that an asset or component will fail within a specified period or operating condition.
Likelihood of Failure (LoF) is an estimate of the probability that an asset, system or component will experience a failure during a defined period or under specified operating conditions. It is a key input to risk assessments and Risk-Based Inspection (RBI), where it is combined with Consequence of Failure (CoF) to determine overall risk and inspection priorities.
Likelihood of Failure quantifies the probability of failure and forms a fundamental component of risk-based decision-making.
Likelihood of Failure may be determined using historical failure data, engineering analysis, condition monitoring, predictive models or expert judgement, depending on the available information and the criticality of the asset.
Likelihood of Failure estimates how likely an asset is to fail, whereas Consequence of Failure evaluates the impact should that failure occur.
Risk-Based Inspection; Reliability Engineering; Risk Management.
Oil and gas.; Petrochemical.; Power generation.; Manufacturing.; Infrastructure.
API RP 580; API RP 581
VisualAIM connects glossary concepts to the asset records, inspection histories, and workflows they describe.
