This research focuses on evaluating the advantages and limitations of implementing Risk-Based Inspection and Maintenance (RBIM) in the power plant industry. RBIM aims to enhance maintenance practices by considering equipment failure risks. The study utilizes a mixed methods approach, including case studies, a literature review, and analyzing data. The findings underscore the positive impact of RBIM on efficiency and effectiveness, emphasizing the potential for cost reduction and improved risk assessment accuracy. Key recommendations include promoting transparency in reporting, early problem detection, and data-driven decision-making.