Definition: Probablistic Risk Assessment [Maintenance Tip]

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A “top-down” approach used to apportion risk to individual areas of plant and equipment, and possibly to individual assets, so as to achieve an overall target level of risk for a plant, site, or organization. These levels of risk are then used in risk-based techniques, such as Reliability Centered Maintenance and HAZOP, to assist in the development of appropriate equipment maintenance strategies and to identify required equipment modifications. Tip excerpted from: The Professional’s…

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