Risk Based Asset Condition Analysis
Abstract
Using risk techniques combined with the Weibull failure analysis a model has been developed with the capability to estimate the probability of an asset failing in the next given period of time and also rank all the assets on site based on their individual risk levels. This model is a very powerful tool, providing among other things, asset replacement schedules (and associated costs) for future accounting periods and information to better manage and reduce the overall risk profile of the organisation.