Transcription of The Fundamentals of Asset Management - WERF
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The Fundamentals of Asset ManagementStep 6. Determine business Risk ( Criticality )A Hands-On ApproachFundamentals of Asset Management2 Tom s bad of Asset Management3 Third of 5 core assets are critical to sustained performance?zHow doesit fail? How canit fail?zWhat is the likelihoodof failure?zWhat does it costto repair?zWhat are the consequencesof failure? Fundamentals of Asset Management4 FMECA; business RiskExp.; DelphiTechniques3. Which assets are critical to sustain performance?AM plan 10-step processDevelopAssetRegistryAssessConditi on,Failure ModesDetermineResidualLifeDetermineLive Cycle &ReplacementCostsSet TargetLevels ofService (LOS)DetermineBusiness Risk( Criticality )OptimizeO&MInvestmentOptimizeCapitalInv estmentDetermineFundingStrategyBuild AMPlanFundamentals of Asset Management5 Asset ManagementRiskRisk is the heart of AMFundamentals of Asset Management6 Definition of riskzRiskin AM-speak is the consequence of failure multiplied by the probability of failurezOften used as a measure of criticality zPreferred term is business risk exposure (BRE) Fundamentals of Asset Management7 Variables in business risk exposurezProbabilityor likelihood of f
Fundamentals of Asset Management 4 FMECA; Business Risk Exp.; Delphi Techniques 3. Which assets are critical to sustain …
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