In RBI most of the probability assessment will be
A) Only quality assessment
B) Only quantity assessment
C) Blend of quality and quantity assessment

Question

Quizplus · Accepted Answer

Most of the probability assessment in RBI will be a blend of quality and quantity assessment. This is because RBI involves analyzing the likelihood and consequence of various risks in order to prioritize inspection and mitigation efforts. Quantitative assessment involves using numerical data and statistical analysis to estimate the likelihood of risks occurring and the potential impact on assets. Qualitative assessment involves expert judgment and evaluation of factors such as human error, equipment reliability, and organizational culture. A combination of both quantitative and qualitative assessment provides a more comprehensive understanding of risk and enables effective decision-making for risk management.

In RBI Most of the Probability Assessment Will Be