Risk is a function of the probability and consequence of an event that negatively impacts pipeline operations. These events may range from the shut-in of a compressor to a pipeline rupture. In order to quantify risk, it is important to have a thorough method of evaluating the probability and severity of the incident. Until recently, the methods used to assess risk have been mostly subjective and qualitative. Enhanced methods are now available that allow pipeline companies to gain a better understanding of the true risk and to realistically determine the availability and reliability of the pipeline. These methods facilitate balancing the cost of extra safeguards or protection layers with the actual risk of an event occurring, ultimately improving the financial success of a pipeline company.

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