Risk Assessment Using FST

In Part 2 of the approach, the severity of a failure is assessed for its effect on four categories, as will be discussed later. The results of the analysis in Parts 1 and 2 are combined using the min- 

The first step of the described approach is to establish the type of data that is available for analysis. Depending on the size and organisational structure of the company, such data will vary in terms of its format and availability. For example, the data available from fishing vessels are most likely repair data that would just reflect the date the repair was carried out and the spares were consumed. Such data should be restrucmred to enable analysis using the fuzzy set approach. 

The consequences of an event may not be documented in a format where it is readily useable for analysis. The severity of the consequences could be determined by the cost incurred from the result of the failure. This however may only be limited to equipment loss, production loss, environmental clean up cost, etc. The injury or loss of life (due to the failure of an equipment) is normally expressed in terms of number of casualties and the extent of the injury (bruises, required shore medical assistance, permanent disablement or death). 

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