Asset Management IQ Section IV



A. Does the organization have a process to assess the probability of failure of assets?
(Click on the answer that most accurately describes your situation...)

0 The organization has no process to assess the probability of failure of assets. (0 points)
The organization has developed a process for establishing the probability of failure but has not yet begun to use it. (1 point)
The organization has established the probability of failure for less than 50% of the assets. (2 points)
The organization has established the probability of failure for more than 50% of the assets. (3 points)
The organization has established the probability of failure for all1 of the assets. (4 points)
The organization has established the probability of failure for all1 of the assets and uses the information in operating and managing the system. (5 points)


B. Does the organization have a process to assess the consequence of asset failure?
(Click on the answer that most accurately describes your situation...)

0 The organization has no process to assess the consequence of failure of the assets. ( 0 points)
The organization has developed a process for establishing the consequence of failure but has not yet begun to use it. ( 1 point)
The organization has established the consequence of failure for less than 50% of the assets. ( 2 points)
The organization has established the consequence of failure for more than 50% of the assets. ( 3 points)
The organization has established the consequence of failure for all1 of the assets. ( 4 points)
The organization has established the consequence of failure for all1 of the assets and uses the information in operating and managing the system. ( 5 points)

C. Does the organization have a process to rank assets according to the likelihood and consequences of asset failure (i.e. according to “overall risk”)?
(Click on the answer that most accurately describes your situation...)

0 The organization has no process to rank assets according to overall risk. ( 0 points)
The organization has some limited ranking of assets according to overall risk with no plans to put in place a system for ranking all assets. ( 1 point)
The organization has developed a process to rank assets according to risk and is working towards ranking all assets with less than 50% of them presently ranked. ( 2 points)
The organization has developed a process to rank assets according to risk and is working towards ranking all assets with more than 50% of them presently ranked. ( 3 points)
The organization has ranked all1 of the assets according to risk but is not yet using this information in the process of operating and managing the system. ( 4 points)
The organization has ranked all1 of the assets according to risk and using this information in operating and managing the system. ( 5 points)


D. Do the likelihood and consequences of asset failure (i.e. the “overall risk”) drive asset investment decisions?
(Click on the answer that most accurately describes your situation...)

0 The organization does not use risk to drive investment decisions. ( 0 points)
The organization is in the discussion stages regarding whether to use overall risk to drive asset investment decisions but has not yet started any activities in this area.(1 point)
The organization is developing an approach in which risk will drive asset investment decisions. (2 points)
The organization has completed development of a program for overall risk to drive asset investment decisions, but has not yet implemented it. ( 3 points)
The organization has a plan for how overall risk drives asset investment decisions and it is implemented. The risk ranking only plays a small role in the assetinvestment decision-making process for the organization. ( 4 points)
The organization has a plan for how overall risk drives asset investment decisions and it is implemented. The risk ranking process is fully integrated into the assetinvestment decision-making process and overall risk plays a key role in the process.( 5 points)

E. Does overall risk drive asset operation and maintenance (O&M) decisions?
(Click on the answer that most accurately describes your situation...)

0 The concept of overall risk is not used to drive O&M decisions. ( 0 points)
The organization is considering using overall risk to drive O&M decisions. ( 1 point)
The organization is developing an approach in which risk will drive asset O&M decisions. ( 2 points)
The organization has completed development of a program for overall risk to drive asset O&M decisions, but has not yet implemented it. ( 3 points)
The organization has a plan for how overall risk drives asset O&M decisions and it is implemented. Not all decisions are yet based on this approach. ( 4 points)
The organization has a plan for how overall risk drives asset O&M decisions and it is implemented. All decisions are based on this approach. ( 5 points)

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