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Re-Thinking Asset Criticality: Introducing Risk-Based Asset Criticality Analysis

Re-Thinking Asset Criticality: Introducing Risk-Based Asset Criticality Analysis

IMC-2018 Learning Session 48:52

by Suzane Greeman

Asset Criticality is one of the most important and fundamental steps in asset management. Despite this being well accepted in asset management circles, the practice in organizations often leaves much room for improvement. The purpose of Asset Criticality is to identify critical assets and to prioritize their treatment. In the maintenance world, Asset Criticality has traditionally been thought of as the impact of asset failures on the organization. This is a business-centric approach. As asset managers are now realizing, consequence of failure is only one side of the story and does not paint the full picture that organizations need to have of their assets. The second side of the story is the probability of failure, the asset-centric approach. Risk-based Asset Criticality Analysis (R-b ACA¬©) harmonizes both the consequence and the probability of failure to pinpoint the reality of the potential exposure of the organization that the asset presents. Now, decision makers at all levels of the organization will have the complete asset story to act on. 

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