System and method for calculating a comprehensive pipeline integrity business risk score

A method for calculating pipeline integrity business risk score for a pipeline segment and a pipeline network comprising one or more pipeline segments, the method comprising the steps of:

• detecting a change in value of one or more data sources, wherein the data sources comprise data related to the pipeline segment recorded through one or more sources;
• reading parameter values from data storage units storing databases, wherein the parameter values are received over a computer network and stored in the databases by manual inputs and by automated inputs;
• receiving, by one or more calculation modules, the parameter values;
• calculating, by the one or more calculation modules, a structural risk score for each pipeline segment, the structural risk score being calculated based on a probability of structural failure;
• calculating, by the one or more calculation modules, an operational risk score for each pipeline segment, the operational risk score representing a pipeline operator's ability to respond to a potential structural failure;
• calculating, by the one or more calculation modules, a commercial risk score for each pipeline segment, the commercial risk score representing commercial consequences arising from potential structural failure;
• calculating, by the one or more calculation modules, a pipeline integrity business risk score for each pipeline segment, wherein the pipeline integrity business risk score is a combination of the structural risk score, the operational risk score and the commercial risk score;
• calculating rolled-up structural risk score, operational risk score, commercial risk score and pipeline integrity business risk score for the pipeline network;
• and
• updating and rendering one or more values on a user interface, wherein the user interface is configured to display one or more graphical representations related to the pipeline integrity business risk,
• wherein the structural risk score represents probability of occurrence of failure modes objectively, and calculating the structural risk score comprises the steps of:
• identifying for structural risk score computation, a component type corresponding to a component under assessment within the pipeline segment;
• measuring a plurality of pipeline parameters corresponding to the component under assessment;
• deriving a plurality of structural ratio factors, each structural ratio factor corresponding to one of the measured plurality of pipeline parameters, wherein each structural ratio factor comprises a value representing a difference between (1) measured value of the corresponding pipeline parameter and (2) a boundary condition prescribed for safe operations in connection with the corresponding pipeline parameter;
• selecting a most critical ratio factor from among the plurality of structural ratio factors, wherein selection of the most critical ratio factor is based on comparing values of the plurality of structural ratio factors and identifying a structural ratio factor having a smallest difference between (1) measured value of the corresponding pipeline parameter and (2) the boundary condition prescribed for safe operations in connection with the corresponding pipeline parameter;
• and
• computing the probability of occurrence based on the most critical factor ratio and a transfer function.