This paper summarizes the fundamentals for risk based engineering mainly focusing on risk assessment. Typically, risk based inspection requires the plant owners to evaluate risk measure at each inspection occasion. Therefore, improved skill concerning risk based engineering is required. Since risk is defined as probability of failure multiplied by consequence, owners must specify the damage mode of the evaluated portion, evaluate probability of failure (PoF) for the parts and consequence of failure (CoF) . In order to conduct risk assessment, analyst is required to be familiar with probabilistic treatment. In this paper, fundamentals concerning risk assessment, such as, general procedure for risk assessment, system description, method for decision making using risk will be addressed.
