
When it comes to Risk we have simplified it so much that we have failed Einstein’s advice, “Everything should be made as simple as possible, but not simpler.” It has been made too simple and missed the connection between risk and reliability.
Equipment risk has a direct impact on equipment reliability. What risks you allow your production plant and equipment to suffer will negatively impact its reliability. About 6 months ago I was playing about with the risk equation and a mathematical connection between risk and reliability revealed itself.
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