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 Risk assessment result The risk assessment result determines: • Whether the anomaly is actionable or not • Which acknowledgment methods are available • Whether an anomaly event is created See Also Asset risk category Asset risk categories are defined in Oil and Gas specifications. See Also Comment Additional information about the risk assessment. See Also
