Developing an Enterprise Application to Reduce Life Cycle Costs and Improve Sustainability of a Utility's Infrastructure and Operations through a Combination of Time and Risk Based Management of Assets, integrated with Real Time Process Operational Models
Abstract:Asset management has traditionally been applied at Water and Power Utilities as discrete stand alone systems for work order and inventory management. Repairs and replacement are conducted on a time based cycle. Improvements in computational and data management techniques show that this can be expanded to bring about substantial improvements in the long term operational and capital budgets. The improvements can be realized by making several changes. First, by changing from time based model to risk based models, the preventive (routine) and corrective maintenance (repairs for rehabilitation, replacement) can be made more cost effective. In the risk based model, the risk posed by an asset is managed to a risk level that is determined through an integration of probability of failure, which is based on monitoring the condition of the asset over time, and the consequence of failure, which is based on the financial consequence if the asset should fail. The risk based system can be further improved through an analysis of financial efficiency of replacement versus rehabilitation and repairs each time an expenditure needs to be made on the asset. The final improvement is through an integration of the asset management model with a plant process optimization model, where the process model communicates with the asset condition model and determines what is feasible and most economic. Similarly, the asset model communicates with the process model and advises the plant operations and management how to manage the assets most economically based on current and anticipated demand.
Document Type: Research Article
Publication date: January 1, 2011
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