Asset-management decision-support modeling, using a health and risk model

Mischa Vermeer, Jos Wetzer, Peter van der Wielen, Evert de Haan, Ebbo de Meulemeester

Research output: Chapter in Book/Report/Conference proceedingConference contributionProfessional

19 Citations (Scopus)

Abstract

This paper discusses a decision-support model for asset managers to prioritise assets requiring additional maintenance or replacement, by estimating asset remaining-lifetime and failure impact. The asset health and risk model (AHRM) being the heart of this model is based on dedicated asset-condition assessment functions in combination with usage-based condition estimations and a statistical approach using Monte Carlo simulations. This results in a health index colour code with two dimensions. The colour itself gives an indication of expected remnant life or additional maintenance requirements and the colour intensity gives an indication of the assessment reliability, thereby providing a clear and easily readable dashboard for the asset manager. A risk-based approach is used for further decision support. For each asset a risk-impact categorization is provided and plotted in a risk matrix, enabling risk prioritization on both probability and impact. The paper describes the methods behind the model.
Original languageEnglish
Title of host publication2015 IEEE Eindhoven PowerTech
PublisherInstitute of Electrical and Electronics Engineers
Number of pages6
ISBN (Electronic)978-1-4799-7693-5
ISBN (Print)978-1-4799-7692-8
DOIs
Publication statusPublished - 3 Sept 2015
Externally publishedYes
Event2015 IEEE PowerTech Eindhoven - Eindhoven, Netherlands
Duration: 29 Jun 20152 Jul 2015

Conference

Conference2015 IEEE PowerTech Eindhoven
Abbreviated titlePowerTech 2015
Country/TerritoryNetherlands
CityEindhoven
Period29/06/152/07/15

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