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It is important to understand how the concept of risk can inform decision-making in terms of interventions during the asset\u2019s life, including how to\u00a0operate, maintain, repair,\u00a0rehabilitate\u00a0and replace the assets.\u00a0Risk-based\u00a0decision making\u00a0is about\u00a0expending\u00a0more of the resources, both personnel and finances, on the higher risk assets and fewer resources on the lower risk assets.<\/span>\u00a0<\/span><\/p>\n High-risk Assets<\/span><\/b>\u00a0<\/span><\/p>\n For assets in the high-risk category, the consequence of failure\u00a0might\u00a0be so great that it is ill-advised to allow the\u00a0asset\u00a0to fail.\u00a0Because high-risk assets are\u00a0both\u00a0likely to cause consequences\u00a0and\u00a0likely to fail, it is important for the system to take action to prevent\u00a0failure.\u00a0For each asset in this category,\u00a0determining\u00a0what action(s) can prevent\u00a0failure\u00a0is of utmost importance.\u00a0Actions that can prevent failure include:<\/span>\u00a0<\/span><\/p>\n Moderate-risk Assets<\/span><\/b>\u00a0<\/span><\/p>\n For those assets in the moderate risk category, there are three possibilities:\u00a0<\/span>\u00a0<\/span><\/p>\n Low-risk Assets<\/span><\/b>\u00a0<\/span><\/p>\n Assets in the low-risk category are not likely to fail,\u00a0and if they do, they are unlikely to cause significant consequences. These assets require the minimum maintenance necessary to prevent the asset from increasing its probability of failure.\u00a0No extra work should be done,\u00a0as work in this portion of the risk profile will not change the risk profile.\u00a0Work\u00a0in all other areas\u00a0of the risk profile can change the risk profile, but not this\u00a0portion.\u00a0Therefore,\u00a0expenditure\u00a0in this area\u00a0is\u00a0kept to a minimum.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Risk-Based Decision Making It is important to understand how the concept of risk can inform decision-making in terms of interventions during the asset\u2019s life, including how to\u00a0operate, maintain, repair,\u00a0rehabilitate\u00a0and replace the assets.\u00a0Risk-based\u00a0decision making\u00a0is about\u00a0expending\u00a0more of the resources, both personnel and finances, on the higher risk assets and fewer resources on the lower risk assets.\u00a0 High-risk Assets\u00a0 For assets in the high-risk category, the consequence of failure\u00a0might\u00a0be so great that it is ill-advised to allow the\u00a0asset\u00a0to fail.\u00a0Because high-risk assets are\u00a0both\u00a0likely to cause consequences\u00a0and\u00a0likely to fail, it is important for the system to take action to prevent\u00a0failure.\u00a0For each asset in this category,\u00a0determining\u00a0what action(s) can prevent\u00a0failure\u00a0is of utmost importance.\u00a0Actions that can prevent failure include:\u00a0 Preventive maintenance\u00a0can ensure that the utility can get the\u00a0maximum\u00a0amount of use out of the asset.\u00a0 Asset\u00a0rehabilitation\u00a0supports level of service by\u00a0renewing an asset to almost new\u00a0condition\u00a0without the expense of full replacement.\u00a0 Asset replacement\u00a0is an option\u00a0when replacing an asset before it fails\u00a0can prevent\u00a0negative consequences.\u00a0 Moderate-risk Assets\u00a0 For those assets in the moderate risk category, there are three possibilities:\u00a0\u00a0 Assets that are likely to fail but have low consequences\u00a0can often run to failure\u00a0and usually only require minimal maintenance.\u00a0 Assets that are unlikely to fail but would cause high consequences\u00a0are ideal for\u00a0additional\u00a0monitoring […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-6885","page","type-page","status-publish","hentry"],"yoast_head":"\n\n
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