Deterioration Rates of Long-life, Low Probability of Failure Assets: Literature Review
Several asset groups within the water industry can best be described as long life, low probability, extreme consequence of failure assets. Inclusion of these assets within company investment plans requires consideration of the probability and consequences of asset failure in the future. Where failure probabilities are low, few historical failure data will be available for analysis. Therefore, failure probability must be estimated using alternative methodologies. Nonetheless, if a robust justification for capital maintenance is to be made, these methodologies must be objective, evidence based and capable of external audit.
Before deterioration models and an overall approach were developed for the different asset types, an extensive literature review was carried out to identify how the problem is approached worldwide, both in the water industry and elsewhere.
|UKWIR Reference :- 11/WM/13/1||Published Date :- 26/10/2011|
|Retail Price (£) :- 50||ISBN :- 1 84057 608 1|