Failure potential assessment

A judgment of the potential for failure of an essential element within the expected life of the project. Five terms are used to describe the assessment: negligible, low, moderate, high, and urgent. A rating of negligible reflects the judgment that failure of the essential element is regarded as very unlikely; low reflects the judgment that failure is unlikely; moderate reflects the judgment that failure is possible and further data collection and/or analyses may be required; high reflects the judgment that failure is very probable; urgent reflects the judgment that failure is imminent.