This paper provides examples of the opportunity for significant change away from historical burst and collapse design factors through the use of risk-based design. The roles of D/T ratio, grade, and mill source are accounted for in the determination of the design factor to use for a chosen target level of risk. The paper provides examples of what the burst and collapse design factors should be set to, in order to meet corresponding target levels of risk. The paper shows that the influence of grade and mill source can sometimes have significant impact on the pressure capacity of the pipe for a fixed risk of failure. The figures summarize the role that pipe parameters and service pressures play in setting the risk of failure.