Identify and Analyse Risk

The initial analysis of risk is an essential activity of good asset management, however activities arising from this analysis need to be assessed on a benefit/cost basis.

Identifying the risk, or the consequences of failure of an asset, has many uses in the field of advanced asset management. It:

• Helps identify critical assets through:
  • Developing asset maintenance strategies and plans based on reliability centered maintenance (RCM) and failure modes effect and criticality analysis (FMECA)
  • Determining the economically viable level of monitoring for the asset for condition and performance
  • Determining the key operational monitoring points for remote controlled SCADA or other automatic control systems
• Becomes the driving force for the creation of failure management plans
• Assists in "cause" and "activity" analysis to help optimize maintenance activities
• Helps evaluate all investment opportunities such as additional maintenance, renewal and asset replacement.