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Identify the effects of failure and determine the unmitigated risk in order to understand the effects/consequences of failure and the probability of failure. Run decision logic, if necessary. Failure effects and consequences of failure are closely related and are often used interchangeably. Think of effects as the direct outcome of failure and consequences as the safety (health/environment) or economic outcome. Together, consequence and probability define a criticality (or Risk) associated with failure. When assessing consequences of failure, first identify whether they are hidden or evident. Secondly, assess whether there are Safety, Health, and Environmental consequences. Two items, Stored Energy and Toxic Material, are usually key indicators of potential risk to personnel Safety, Health, and/or the Environment. After identifying failure risks to Safety, Health, and the Environment, all other failure risks are identified using economic terms. This identification is not an either/or process. It is highly likely that Safety, Health, and the Environment Failure Modes will also have an economic consequence.
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