Project Appreciation and Objectives
Effective integration of risk management within the water industry business planning process requires an understanding of the causes of asset failure and the means by which asset failure translates to service failure.
Fault trees and event trees provide a widely accepted, effective and transparent means of undertaking this essential causal and consequence analysis. They provide a convenient, quantifiable and symbolic representation of the essential links between pro-active maintenance, re-active maintenance, asset replacement, and customer service. They are well recognised and tested methodologies that can be adapted to all asset types and levels of analysis within companies, and can be used with varying degrees of quality and quantity of data. As an asset management enabling tool they are integral to the development, implementation and monitoring of business plans.
It is understood that many companies have not yet developed fault trees and event trees for their assets. Due to the limited range and commonality of failure mechanisms associated with particular asset types there is an opportunity to develop generic fault trees and event trees for use by companies.
This project will develop fault tree and event tree structures that can be populated by individual company data and which can be used to translate the impact of company activities on to service to customers.
Benefits to Clients
- Uniform approach to risk management through established risk principles, policy, and common language.
- Improved approach to risk and asset management for the next business planning cycle that integrates with CMPCF and PAS55.
- Transparent and justifiable approach to understanding the links between asset management and serviceability.
- Reduced cost in the development of risk management and asset management plans.
- Agree asset types to be evaluated - four fault trees and four event trees.
- Develop detailed fault trees and event trees, illustrated with company data.
- Demonstrate utilisation by companies with different levels of data and at different stages of the risk management process.
- Group meetings to review approach to risk with peers and experts.
- Comprehensive technical guide assessing the components and application of risk within the business planning process.
- Dissemination workshop.
Related WRc Work
- Integrated Distribution Management: A Common Approach to Risk, CP310, 2010.
- Sewerage Risk Management, CP309, 2008.
- Development of Service Risk Impact Matrices, 2006.
- Assessing the use of Structural Equation Modelling to support risk assessment, 2007.