Risky Business

This article reviews risk analysis in process engineering. Process plants must be inspected and maintained more diligently as they age. Risk analysis methods, along with post-construction standards currently being developed, are evolving tools aimed at helping companies maintain plants better and save money. Risk analysis is routinely used in the nuclear power industry to identify areas of a plant that have the highest likelihood of failure and pose the most serious consequences. Post-construction standards, a current project of ASME, are focused on mechanical integrity, and will provide guidelines on what, when, and how to test and inspect. Risk assessment has proven itself to be a useful tool in making industries safer and more reliable, and could have larger societal benefits as well.