API 580 Practice Questions - API 580 Risk Based Inspection Professional Exam

According to API RP 580, how is risk mathematically defined?

Risk = Probability of Failure minus Consequence of Failure Risk = Probability of Failure multiplied by Consequence of Failure Risk = Probability of Failure divided by Consequence of Failure Risk = Probability of Failure plus Consequence of Failure

Correct Answer:

Risk = Probability of Failure multiplied by Consequence of Failure

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