That column in the "Extended Stress Report" can be either the "Stress Intensity" or the "Octahedral / von Mises" stress. To see how these are computed, read the "help text" for the "Yield Criterion" setting in the Configuration Module (on the "SIF & Stress" tab).
Most piping codes don't consider this value in their pass/fail evaluation, which is why it sometimes exceeds the Code Stress.
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Regards,
Richard Ay - Consultant