API RP 581 gives detailed steps and data to help perform quantitative analyses for “Risk Based Inspection” of pressurized equipment. This includes probability of failure, consequence of failure and risk assessment. Unfortunately, the use of API RP 581 in its current form can sometimes lead to incorrect estimations of both probability and consequence of failure, leading to an incorrect risk assessment of the components/equipment being analyzed.

In this paper, we will highlight some of the issues that we ran across while performing an RBI analysis following the steps and methods prescribed in API RP 581, involving a level 1 consequence analysis, and suggest possible changes for future editions to remove/minimize the consequences of these issues.

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