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Data Driven Risk Based Management of Assets in the Water Industry

Volume 4, Number 3, July 2008 - Paper 2  - pp. 215 - 224


Management School and Economics, The University of Edinburgh, 50 George Square, Edinburgh, EH8 9JY, U.K.

(Received on December 15, 2006)


A variety of different management approaches have been devised over time for the repair and eventual replacement of equipment within industry.  Common models such as Reliability Centre Maintenance and Operational Research Optimal strategies have existed for sometime.  They can be successful in achieving management goal, but often they lack insight to the underlying process which is often non-monotonic.  A data driven risk management approach is described in this paper.  It provides insight into the performance of the equipment when subject to maintenance, both repair and refurbishment.  It can provide economic replacement times based on the cost of continued maintenance.  This is useful for single system, but can become more problematic over a series of similar pieces of equipment.  The decision to take action in such circumstances will reflect the impact of the action as well as lack of action.  A risk management approach based on a 5x5 risk matrix is described.  The zones for action can be defined and so the overall strategy defined.  The paper will be usefult for the water industry to illustrate application of the approach undertaken.


References: 17

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