Webinar: Using risk tolerance thresholds to set replacement criteria
30 January 2023
Date: Wednesday 22th February 2023
Time: 08:00 to 09:00 GMT & 17:00 to 18:00 GMT
Once asset health and risk models have been developed, they can be used as the basis for condition-based asset investments. By applying some simple categorisation to the outputs, we can start to build up a picture of assets at a fleet level to create a simple health vs criticality matrix. This matrix is the ideal starting point to discuss investments with stakeholders as it enables risk tolerance points to be set that balance reliability and affordability whilst creating a generic cost benefit analysis.
Based on work we’ve done with a Distribution Network Operator who have set risk tolerance points for their network assets, this webinar examines the process and demonstrates how it was applied and refined. We then combine this with other techniques, such as identifying the right investment for the right asset and how to merge condition and load related investments to create an optimised plan.
This interactive webinar will last for around 40 minutes with time at the end for questions and answers.
- How to apply simple categorisation to the outputs of health and risk modelling
- What a result matrix means and how it translates into stakeholder requirements
- How to define risk tolerance points and identify the correct investment for each asset
We look forward to seeing you there!