Track 1 Session 9

2:20 to 3:20 p.m. Wednesday, June 16, 2010

Reliability Analysis in Risk-Informed Performance-Based Asset Management Applications

Reliability analysis is an important engineering discipline that often fits ideally within a larger, comprehensive decision support framework, such as risk-informed performance-based asset management (RIPBAM). RIPBAM is a systematic, rigorous approach that supports effective and efficient enterprise resource planning (ERP). This presentation describes the RIPBAM process and focuses on how reliability analysis supports this process. RIPBAM applies probabilistic risk assessment (PRA) tools and techniques in the realm of physical and financial asset management for complex systems or facilities. This process can be applied across the full spectrum of product and process design, manufacturing, construction, start-up, operations, maintenance and decommissioning. The RIPBAM process applies a tiered set of models and supporting performance measures (or metrics) that can ultimately be applied in supporting decisions affecting the allocation and management of system or facility resources (e.g. funding, staffing, scheduling, etc.). In general, the ultimate goal of the RIPBAM process is to continually support decision making to maximize the target system’s or facility’s operational availability, net present value (NPV), long-term profitability and/or return on investment (ROI) for its owner/operators. This presentation provides some real-life examples of RIPBAM applications, including how reliability analysis was employed within these applications.

Key Words: Asset Management, Reliability Analysis, Risk Assessment, Cost-Benefit Analysis, Enterprise Resource Planning

James K. Liming

ABSG Consulting Inc. (ABS Consulting)

Irvine, California