API RP 581

API RP 581 is a professional guideline used in the oil and gas industry to assess and manage the risk of equipment failure, especially in pressure vessels and piping systems. It provides methods to evaluate the likelihood and severity of potential failures, helping companies make informed decisions to ensure safety, reliability, and cost-effectiveness. Essentially, it offers a standardized approach for identifying risks, prioritizing maintenance, and improving operational safety by quantifying potential hazards based on data and engineering principles.