API RP 581: Risk Based Inspection Technology is the recommended practice developed and published by the American Petroleum Institute (API) that provides quantitative procedures to establish an inspection program using the quantitative risk-based inspection (RBI) methods for pressurised fixed equipment including pressure vessel, piping, tankage, pressure-relief devices (PRDs), and heat exchanger tube bundles.
Reference Definition by Inspectioneering.com: API RP 581: Risk-Based Inspection Technology, Third Edition, is a recommended practice developed and published by the American Petroleum Institute (API). Originally released in 2000 and last updated in April of 2016 (third edition), the purpose of this publication is to provide quantitative risk-based inspection (RBI) methods that support the minimum guidelines presented by API RP 580. This document details the procedures and methodology of RBI, an integrated methodology that uses risk as a basis for prioritizing and managing an in-service equipment inspection program by analysing both the likelihood and the consequences of equipment failure.
Related Definitions in the Project: The Quality Management; Risk Management
