API 580 Risk Based Inspection Practice Test

What does a risk plot typically use for its axes?

1. Time and Cost

2. Probability and Severity

3. Consequence and Reference

4. Impact and Occurrence

The correct answer is: Probability and Severity

A risk plot is a visual tool used in risk management to assess and communicate risks associated with various scenarios or activities. The axes of a risk plot are typically defined by probability and severity. Probability refers to the likelihood of a particular event occurring, while severity represents the potential impact or consequences of that event if it were to occur. This dual-axis representation allows for a clear visualization of the relationship between the likelihood of risk events and the severity of their consequences. This helps organizations prioritize their risk management efforts, focusing on those risks that have both a high probability of occurring and significant consequences. By plotting risks on this framework, teams can identify areas that may require more attention and resources, facilitating informed decision-making in risk mitigation strategies. The other options, while they may refer to important concepts in risk assessment, do not accurately represent the standard axes used in a risk plot for evaluating risk. This is why the option identifying probability and severity as the axes for a risk plot is the most appropriate choice.