Difference between Relative Risk and Absolute Risk

 Difference between Relative Risk and Absolute Risk

In RBI, relative risk can be used to rank equipment or components in terms of their risk level and determine the order in which they should be inspected. For example, equipment with a higher relative risk may need to be inspected more frequently, or may need to be inspected before equipment with a lower relative risk. On the other hand, absolute risk helps to determine the level of detail and type of inspection required for a specific piece of equipment. Equipment with a higher absolute risk may need a more comprehensive inspection, while equipment with a lower absolute risk may only require a visual inspection.

Both relative and absolute risk are important for making informed decisions about inspection and maintenance activities, as they help to balance the need for safety and the cost of inspection and maintenance. By considering both relative and absolute risk, RBI can ensure that inspection and maintenance activities are focused on the equipment that poses the greatest risk, while avoiding unnecessary activities that do not provide significant benefit in terms of risk reduction.

Relative Risk	Absolute Risk
Focuses on comparison of risk level	Focuses on actual risk level
Determines priority for inspection	Determines frequency and type of inspection
Helps allocate resources effectively	Helps determine resource requirements
Provides a ranking system for equipment	Provides a specific risk measurement for equipment
Aids in decision-making regarding inspection	Aids in determining level of detail and scope of inspection
Is a tool for prioritizing inspection activities	Is a tool for determining inspection requirements
Helps balance cost and safety considerations	Helps ensure that resources are allocated effectively
Assists in making informed decisions about inspection and maintenance	Assists in determining the likelihood of equipment failure
Provides an overall view of risk levels across a facility	Provides a detailed view of the risk level for specific equipment
Supports an efficient and effective inspection program	Supports the identification of critical equipment and components

In conclusion, relative risk provides a way to compare the risk level of different equipment, while absolute risk provides a specific measurement of the risk level of a particular piece of equipment. Both are critical in the risk-based inspection approach, as they help to balance the need for safety and the cost of inspection and maintenance, and ensure that inspection and maintenance resources are allocated in an effective and efficient manner.