Efficient risk-based inspection framework: Balancing safety and budgetary constraints

Efficient equipment maintenance is paramount across various industries to mitigate energy wastage and avert potential disasters such as hazardous emissions, fires, and explosions. Within this context, the adoption of risk-based inspection strategies has emerged as a crucial method for assessing equipment integrity. This study integrates the principles of Risk-Based Inspection (RBI) with a novel two-objective mathematical model, resulting in a comprehensive framework for equipment inspection programs. The primary aim of this framework is to reduce overall risk exposure while optimizing inspection expenditures. Unlike conventional approaches, this methodology eliminates the necessity to define threshold risk levels. By integrating inspection costs into the model, the assessment of Failure Consequences, and thereby, the decision-making process has been streamlined. This innovative algorithm effectively balances the reduction of failure likelihood with the minimization of inspection costs, enhancing decision-making capabilities. Importantly, this approach offers significant protection against energy wastage and the occurrence of leaks through robust risk management strategies. The algorithm employs specialized operators to expedite the discovery of optimal solutions. Empirical validation through a case study conducted at a Petrochemical Plant highlights the practicality and effectiveness of the proposed framework.