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 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 Next inspection date Date on which the next inspection is to be performed. See Also
