Consequence of Failure (CoF) is defined for all consequences in safety, economy and environment that is evaluated as the outcomes of a failure based on the assumptions that such a failure will occur. A CoF analysis estimates failure consequences resulting from a failure mode due to the identified damage mechanisms that is to categorise assets based on the potential failure significance. (Refer to the Probability of Failure (PoF))
Reference Definition by Inspectioneering.com: Consequence of Failure (COF) is one part of the equation to determine risk as part of Risk Based Inspection (RBI) methodology. The COF, calculated together with the Probability of Failure (POF), helps establish the risk level for particular piece of equipment and set inspection intervals based on the calculated risk. The COF is calculated by reviewing and ranking the potential consequences for the equipment, personnel, environment, etc. in the event of equipment failure. More details on COF are given in API RP 580: Risk Based Inspection (RBI), which contains directions on developing, implementing and maintaining an effective RBI program.
Related Definitions in the Project: The Project Management; Risk Management; Quality Management; Operation and Maintenance
