Defining failures, failure rates and probability of failure
01 March 2023
Date: Wednesday 29th March 2023
Time:15:00 SGT / 09:00 CET & 12:00 EDT/18:00 CET
One of the key components in asset health and risk modelling is relating the theoretical health scores and risk values into something tangible, such as failure rates and the monetary cost of the failures that are being experienced on the network. To minimise disruptive failures of your assets, you need to understand this relationship and to be able to use the information collected when failures do occur to refine your asset models. In time, you will become more confident in using the asset models and in ensuring that they best reflect the condition of your assets, knowing what data needs to be refined and how and when to collect it.
In this webinar, we take an analytical look at the failure mechanisms within the asset health and risk models. We examine some typical outputs for the capture of failure information, show how it can be analysed and how to use it in the model. We also consider what happens where there is no failure data available and point you to other sources of information that can be useful when setting model parameters.
This interactive webinar will last for around 40 minutes with time at the end for questions and answers.
- What is an asset failure and how to categorise it
- What are the key attributes to collect when an asset fails
- How to use failure data within an asset risk methodology
We look forward to seeing you there!