Asset Management Likelihood of Failure Scoring Improved by Condition Assessment Scoring Integration Techniques

Asset management is a core activity for public utilities; however, the extent and efficiency of how it is performed varies from utility to utility. Utilities are familiar with the benefits of using risk-based decisions to help establish investment priorities. The popular industry definition of asset risk is the “likelihood of failure” (LOF) multiplied times the “consequence of failure” (COF). This paper presents a discussion of multiple ways to produce asset condition scores; an array of asset aggregation combinations; and multiple mathematical methods of aggregating assets scores. The differing scoring results from these methods and the corresponding prioritization influence are illustrated for hierarchy levels or asset groupings. The paper discusses the sensitivity of the risk scoring results based on the granularity of the individual asset scores and how the scoring integration process affects asset prioritization. A recommended LOF mathematical integration scoring method and an example application are discussed.

• Record URL:
  • https://doi.org/10.1061/41187(420)17
• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/isbn/9780784411872
• Supplemental Notes:
  • Copyright © 2011 ASCE
• Corporate Authors:

  American Society of Civil Engineers

  1801 Alexander Bell Drive
  Reston, VA  United States  20191-4400
• Authors:
  • Rowe, Reggie
  • Kathula, Vani
  • Bergin, John
  • Kennedy, Courtney Call
• Conference:
  • Pipelines Conference 2011
  • Location: Seattle WA, United States
  • Date: 2011-7-23 to 2011-7-27
• Publication Date: 2011

Language

• English

Media Info

• Media Type: Digital/other
• Features: References;
• Pagination: pp 170-181
• Monograph Title: Pipelines 2011: A Sound Conduit for Sharing Solutions

Subject/Index Terms

• TRT Terms: Asset management; Condition surveys; Decision making; Public utilities
• Uncontrolled Terms: Llikelihood of failure
• Subject Areas: Pipelines; Planning and Forecasting; I72: Traffic and Transport Planning;

Filing Info

• Accession Number: 01444537
• Record Type: Publication
• ISBN: 9780784411872
• Files: TRIS, ASCE
• Created Date: Aug 28 2012 12:23PM