“…Throughout the years, a great deal of research has been conducted in the area of risk-based approaches. It started with the inspection and maintenance planning for fixed steel offshore structures [79][80][81][82] and later the usage of the same methodology was expanded to other areas and structures such as breakwaters [83], pipelines [84][85][86][87][88], ships and tankers [89][90][91][92][93][94], petroleum facilities [48,95,96], process plants [97,98], and bridges [99,100]. Not only has it expanded to various area of application, research on risk-based approach has also flourished in several new areas of study such as risk-based integrity modeling [67][68][69][70][71][72][101][102][103][104][105], risk-based optimization modeling [106,107], failure probability analysis [108,109], and human error reliability [110][111][112][113][114][115]…”