Well
AravindSujay, what you state requires some corrections.
There is no margin specified by code for the design pressure with respect to the most severe condition of operating pressure and corresponding temperature. The design pressure is simply the envelope of the operating conditions of the vessel with respect to stresses developed and strength at the corresponding temperature (including any transient conditions).
For completeness it may be noted that a vessel may have more than one design conditions: for example one pressure and temperature and a higher pressure at a lower temperature: the severer will govern.
The MAWP is considered the same as the design pressure when calculations are not performed to determine it.
However the MAWP does depend on temperature and will be determined at the same operating temperature(s) used for the design conditions. The code requires to determine the MAWP in the corroded condition, but often the design specification will require to determine it for both the corroded and uncorroded conditions.
To summarize the difference between the two, one may state that, for a heavy or large vessel, a design is good (as far as cost is concerned) when the calculated MAWP is just the same as the design pressure.
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