Transcription of The Fundamentals of Asset Management - WERF
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The Fundamentals of Asset Management - WERF
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 failure (PoF)zConsequenceor im
The Fundamentals of Asset Management Step 6. Determine Business Risk (“Criticality”) A Hands-On Approach
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