My opinion on NC method is in
http://65.57.255.42/ubbthreads/ubbthreads.php?ubb=showflat&Number=53645By the other hand, PEQ fails in establishing a limit of the method; at the first approach it seems logical to consider the "rating pressure" as limit for "total pressure" however we cannot prove that this limit gives leakage. In my opinion a good improvement of a limit for the "total pressure" evaluated by PEQ would be a formula using Blick theory, in line with NV-RP-D101
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There are also variants of the “Pressure Equivalent Method” in use by some Engineering Companies. One of these variants is the “Blick Theory” from the 1950’s. Refer also “CASTI Guidebook to ASME B31.3 Process Piping”, chapter 2. A piping system designed according to ASME B31.3 shall have the flanged connection hydrostatically tested to 1.5 x design pressure and it has therefore been a practise among many large Engineering Companies to allow the total equivalent pressure including external bending moments and axial forces to reach a level of 1.5 times the rated flange pressure at temperature.
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In brackets, the two methods you mentioned do not predict stress in flange, so in fact we cannot say "results with so much of variation" because we haven't a common reference. But, of course, I understand what are you referring to.