Inspection factor

An inspection factor is the portion of the asset’s remaining life calculated for the current degradation rate to be used when calculating indicator collection dates. For example, an inspection factor of “0.5” means that the indicator reading should be collected at half of remaining life. The greater the confidence factor, the higher the inspection factor, meaning that the interval between inspections is greater. The inspection factor is based on the confidence factor, degradation type, consequence priority (criticality), and (optionally) integrity group of the failure mode.

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