Risk Based Inspection "RBI" is the process of carrying out risk analysis to determine an optimum inspection plan. Risk is expressed in the terms of Probability of occurrence and the consequence of occurrence both gives a risk indication to determine the risk associated with the equipment inspected and it's current state.

The higher the risk the more vigilant inspection routines are required with shorter intervals to maintain a closer look one the current risk level.

The probability of failure is based on a multiple of factors, the factors are based on the operating conditions of the equipment from corrosion to erosion and creep, process fouling and others, all these factors affect the probability of failure to occur on the equipment, while the consequence is based on a number of affected parameters like business loss, environmental damage, reputation and safety, all of these parameters determine the range of damage that a failure can cause from this equipment, taking into account the confidence level of the inspections done on the equipment, and it's age factor.