NOTICE: Due to a lapse in annual appropriations, most of this website is not being updated. Learn more.
Form submissions will still be accepted but will not receive responses at this time. Sections of this site for programs using non-appropriated funds (such as NVLAP) or those that are excepted from the shutdown (such as CHIPS and NVD) will continue to be updated.
An official website of the United States government
Here’s how you know
Official websites use .gov
A .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPS
A lock (
) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.
AN ECONOMICS-BASED INTELLIGENCE (EI) TOOL FOR PRESSURE VESSEL & PIPING (PVP) FAILURE CONSEQUENCE ESTIMATION
Published
Author(s)
Robert E. Chapman, Jeffrey T. Fong, David T. Butry, Douglas S. Thomas, James J. Filliben, Nathanael A. Heckert
Abstract
This paper is built around ASTM E 2506, Standard Guide for Developing a Cost-Effective Risk Mitigation Plan for New and Existing Constructed Facilities. E 2506 establishes a three-step protocol--perform risk assessment, specify combinations of risk mitigation strategies for evaluation, and perform economic evaluation--to insure that the decision maker is provided the requisite information to choose the most cost effective combination of risk mitigation strategies. Because decisions associated with low-probability, high-consequence events involve uncertainty both in terms of appropriate evaluation procedures and event-related measures of likelihood and consequence, NIST developed a Risk Mitigation Toolkit. This paper uses (a) a data center undergoing renovation for improved security, and (b) a PVP-related failure event to illustrate how to perform the E 2506 three-step protocol with particular emphasis on the third step--perform economic evaluation. The third step is built around the Cost-Effectiveness Tool for Capital Asset Protection (CET), which was developed by NIST. Version 4.0 of CET is used to analyze the security- or failure-related event with a focus on consequence estimation and consequence assessment via Monte Carlo techniques. CET 4.0 includes detailed analysis and reporting features designed to identify key cost drivers, measure their impacts, and deliver estimated consequence parameters with uncertainty bounds. Significance of this economics-based intelligence (EI) tool is presented and discussed for security- or failure-consequence estimation to risk assessment of failure of critical structures or components.
Proceedings Title
Proceedings of 2010 ASME Pressure Vessels and Piping Division Conference
Chapman, R.
, Fong, J.
, Butry, D.
, Thomas, D.
, Filliben, J.
and Heckert, N.
(2010),
AN ECONOMICS-BASED INTELLIGENCE (EI) TOOL FOR PRESSURE VESSEL & PIPING (PVP) FAILURE CONSEQUENCE ESTIMATION, Proceedings of 2010 ASME Pressure Vessels and Piping Division Conference, Bellevue, WA
(Accessed October 18, 2025)