Agile approaches to quantitative pipeline risk assessment modeling
Pipeline operators are increasingly transitioning their pipeline risk assessment approaches to more objective, quantitative risk models that provide for improved decision making, better ability to manage risk levels to acceptability targets and ultimately, support their integrity programs to eliminate high impact events.
Many operators have existing relative index-based risk ranking models that, although characterized as “qualitative” in terms of the risk output, utilize a significant amount of data that could also support a more quantitative expression of risk.
In this in-depth white paper, Kevin Spencer, Director, Client Partnerships, explores industry trends in pipeline risk modeling, standards and stakeholder alignment with an expectation for more objective, quantitative approaches and measures that can be used with risk acceptance criteria to demonstrate safe pipeline operations more clearly.
This white paper explores the following topics:
- Quantitative risk assessment transition road mapping
- An overview of road map elements with an agile approach
- Risk backlog prioritization
- Quantitative risk assessment modeling approaches
- Industry failure rate adjustment
- Probability of exceedance
- Quantitative Risk Assessment Model Options for Estimating Failure Likelihood
- And more
Download our white paper to learn more about agile approaches to quantitative risk assessment modeling