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Risk matrix example <br />lihood <br />ilure <br />[CoSnsequence <br />Not likely <br />Somewhat likely <br />Very likely <br />Small <br />1 <br />2 <br />3 <br />Minor <br />2 <br />3 <br />4 <br />Average <br />3 <br />4 <br />5 <br />Major <br />4 <br />5 <br />6 <br />The best scenario is that the likelihood of failure is deemed, "not likely" and the consequence is <br />"small." Conversely, the scenario to avoid is where the likelihood of failure is "very likely" and <br />the consequences would be "major." <br />The Engineering Equipment and Materials Users Association' (EEUMA) Publication No. 159, <br />3`a Edition, Users ' Guide to the Inspection, Maintenance and Repair of Aboveground Vertical <br />Cylindrical Steel Storage Tanks includes a discussion of Risk Management as it applies to <br />inspection and maintenance of ASTs. <br />'EEUMA is an established industry Association with an international reputation in engineering, <br />technology and the management of capital assets, typically chemical process plants, refineries, power <br />stations and upstream oil/gas facilities. EEMUA has developed industry guidance, user standards and <br />specifications for the management of technology and to ensure development of competency in the <br />workforce. Its publications and views are now recognized and followed worldwide. For more than 50 <br />years, EEMUA members have built and maintained relationships with government, regulatory agencies, <br />equipment manufacturers and suppliers, formal Standards organizations, the plant inspection and <br />insurance sectors, and many other bodies in the UK, Europe and worldwide. [Information taken from the <br />organization's website www.eemua.co.uk] <br />