Last inspection date Most recent inspection. By default, this field shows the date of the most recent indicator reading. You can change this date, if needed. See Also Selected yearly rate Degradation rate selected on the failure mode to apply to the failure mode’s indicator. See Also Rate selected by The analysis team member who selected the degradation rate. See Also Name Team member’s name. See Also Consequences APM calculates a consequence priority for the failure mode during risk analysis so that you can rank and compare an asset’s failure modes according to the severity of the consequences. The priority is determined by comparing a failure mode’s consequence scores to a set of rules. For example, a risk analysis in which any of the safety, economic, environmental, or reputation evaluations result in any severity ranking of at least 3 could be assigned the consequence priority “High”. See Also Dominant consequences Indicates the most important consequence for the risk analysis: safety, environmental, economic, or reputation. See Also Risk matrix entry Value of entry in the risk matrix for this evaluation. See Also Failure mode criticality Criticality (or risk) is determined by the combination of the likelihood of failure and the severity failure consequences. Criticality is either calculated during a risk analysis or manually assigned. See Also Detectability The detectability value is used to calculate the relative risk for the failure mode. Lower scores are used for failures that are easy to detect and higher scores for failures that are harder to detect. See Also Relative risk The relative risk number is calculated for the failure mode as the product of the Total failure mode severity and the failure probability. Relative Risk = Severity * Probability If the analysis supports Detectability, the calculation is Relative Risk = Severity * Probability * Detectability See Also
