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The application of fire risk assessment methods in developing fire and life safety solutions continues to increase. NFPA 551: Guide for the Evaluation of Fire Risk Assessments identifies various types of fire risk assessment methods and describes the properties these methods should possess.

The 2010 NFPA 551 helps users:

* Apply risk informed decision-making for fire safety
* Select fire scenarios, identify representative challenging scenarios and group such scenarios into clusters for the purposes of conducting more effective consequence analysis
* Develop appropriate documentation to accompany a fire risk assessment
* Evaluate capabilities of those conducting a fire risk assessment

Now with up-to-date terminology for evaluating fire risk assessment methods, NFPA 551 includes:

* Reorganized Chapter 7 to address documentation requirements
* Guidance on how to address uncertainty when conducting a fire risk assessment
* Factors to consider when conducting or reviewing a fire risk assessment
* Guidance on how to address the changing effectiveness of fire protection equipment, features, programs, and procedures
* New discussion on the role of qualitative, semi-quantitative likelihood, semi-quantitative consequence, and quantitative methods in a fire risk assessment
* New discussion on cost-benefit analysis
* Details about proper documentation and elements of a fire risk assessment
* Guidance on applying risk informed decision making for various fire safety goals including the preservation of cultural resources

NFPA 551 also covers the purpose and importance of an operations and maintenance manual in conducting a fire risk assessment, and the importance of using checklists that address both likelihood and consequence.