Probability The probability of failure is the likelihood that the asset will fail due to the failure mode. Probability is usually described as high, medium, low, or negligible. See Also Severity Severity indicates the relative criticality of the consequence when a failure occurs. 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 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 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
