One of the main objectives of a sound maintenance strategy is the minimization of hazards, both to humans
and to the environment, caused by the unexpected failure of the equipment. In addition, the strategy has to be cost
effective. Using a risk-based approach ensures a strategy, which meets these objectives. Such an approach
uses information obtained from the study of failure modes and their economic consequences. Risk analysis is a technique for identifying, characterizing, quantifying, and evaluating the loss from an event. Risk analysis approach integrates probability and consequence analysis at various stages of the analysis and attempts to answer the following questions: