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Consultant's Corner: Proactive Investment Strategies For Asset Management Driven By Risk Assessments

asset_febreg influent pumping, process air, utility power, etc.), utilities can more accurately allocate maintenance and capital investment resources based on data-driven decisions. The risk assessment data additionally drives maintenance strategies, repair, and replacement strategies appropriate to each asset. For example, using risk and consequence of failure information, utilities may choose a run to failure strategy for pump station A, which has four pumps that provide redundancy for one another, while employing a proactive strategy for pump station B, which has two pumps that can not effectively meet peak flow (and therefore no redundancy). Developing and implementing a process for risk scoring may seem enormously challenging to organizations that have not previously done so, and it can be. Nevertheless, by implementing the process one process area at a time, immediate benefits can be realized and future implementations can be more easily completed. Because availability of good historical data regarding failure rates, types of failures, and consequences of failure is often lacking, an organization may need to use estimates initially, and sharpen those estimates as it begins to collect better data over time.

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