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risk management

Confessions of a Risk Matrix Zealot
asset management

Confessions of a Risk Matrix Zealot

The problem with this simple approach is context. Can it really be said with confidence that a rare but catastrophic event is as low a risk as a negligible but frequent event?

A Robust Framework for Risk Management
asset management

A Robust Framework for Risk Management

Asset management is the coordinated activities of an organization to realize value from assets. Guidance in asset management can be found in the ISO 5500X series of international standards.

Asset Failure Consequences
reliability engineering for maintenance

Asset Failure Consequences and  Risks

Creating Reliability is a company-wide concern

Decision Agility Balancing Competing Priorities to Maximize Productivity and Minimize Risk
Asset Management

Decision Agility Balancing Competing Priorities to Maximize Productivity and Minimize Risk

Machine learning technology can now predict equipment failures weeks in advance. But once you know a major failure is imminent, what next? How do you decide when and how to perform the repair to maximize productivity and minimize risk? Maintenance wants to carry out the repair quickly in the safest, most well-planned way. Operations wants to maintain production and is resistant to shut down until necessary. Planning and scheduling seek to assure timely product deliveries to

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Risk Based Approach for Asset Integrity and Reliability
Asset Management

Risk Based Approach for Asset Integrity and Reliability

In a first of its kind initiative in India, an asset performance management (APM) was implemented focusing asset integrity management for the Oil & Gas major covering risk-based inspection (RBI) and reliability-centered maintenance (RCM) practices to facilitate the strategies for static and rotary assets.

Uptime Special Recognition Award - Asset Risk and Condition Assessment: Great Western Railway
Asset Management

Uptime Special Recognition Award - Asset Risk and Condition Assessment: Great Western Railway

Great Western Railway (GWR) is train operating company (TOC) operating under U.K. Government franchise that is awarded every four years and utilizes network rail infrastructure - depots, track and stations. Plant and Facilities Maintenance is an essential team, supporting GWR in delivering the aim/vision, "Railway of the Future." To practice asset management, our assets needed to be identified, ranked, assessed, managed and knowledge extracted.

Risky Business: How Tacoma Power Is Addressing the Risk of Risk Management
Asset Management

Risky Business: How Tacoma Power Is Addressing the Risk of Risk Management

One of the most important decisions we can make is how we make decisions. Understanding risk is at the foundation of every decision we make in asset management.

From Strategy to Implementation: Improving Reliability at Rijeka Refinery (Croatia)
Reliability Engineering for Maintenance

From Strategy to Implementation: Improving Reliability at Rijeka Refinery (Croatia)

The aim of the project is to set-up and run preventive maintenance in SAP PM module with all necessary activities and preparation, implementation for HCC Complex with auto generation of work orders and all related processes. 

A Risk Threshold Investigation Is Born
Reliability Engineering for Maintenance

A Risk Threshold Investigation Is Born

This article takes you through the birth of RTI, explaining what RTI is, why it was created, where it fits into a maintenance reliability program strategy, how it is conducted and showing it in action with some actual results.

Managing the Risk of the Schedule Using Monte Carlo Simulations
reliability engineering for maintenance

Managing the Risk of the Schedule Using Monte Carlo Simulations

Consider this scenario: You are finalizing the planning of your company’s next major maintenance outage or capital project and are concerned the timeline is too tight and your team is small. You communicate this to management and... 

Redefining Asset Performance Management
Asset Management

Asset Performance Management Defined

If you work for an asset intensive organization and your role involves ensuring value from assets, you are unlikely to organize the world by software applications as software marketing professionals or software analysts’ do in order to describe these applications and functions to chief information officers, IT leaders or other chief officers.

Work Safety – Part 2
Asset Management

Work Safety – Part 2

The ABCs of Job Safety Analysis

Techniques to make jobs safe by planning

Work Safety
Asset Management

Work Safety

The safety of workers should be part of the mission of your organization. If it isn’t, do something about it!

The fact is, shop safety in the U.S. and Europe has dramatically improved over the past few decades. Many unsafe acts accepted in the past are forbidden today. The idea of working without fall protection or lockout-tagout (LOTO) procedures is widely condemned by workers, management and supervision. Still, too many people get grievously hurt or even killed at work.

Why Is ISO27001 Security Standard Certification So Important?
Asset Management

Why Is ISO27001 Security Standard Certification So Important?

ISO27001 is a quality standards specification for information security management systems (ISMS). The ISMS is an overall framework that encapsulates business procedures and policies pertaining to the control of a company’s information security risk management processes. It covers physical, technical and regulatory controls.

Part 2: Does Relying on Criticality Put Your Organization at Risk?
Asset Management

Part 2: Does Relying on Criticality Put Your Organization at Risk?

This article is Part 2 of a two-part series focusing on risk as an enabler for asset management (AM). Part 1 argued the case for moving away from criticality to an ISO31000 risk-based approach. This part will address how to effectively model asset risk in complex systems.

Does Relying on Criticality Put Your Organization at Risk? Part 1
Asset Management

Does Relying on Criticality Put Your Organization at Risk? Part 1

This article is Part 1 of a series focusing on risk as an enabler for asset management. 

It argues the case for moving away from criticality to an ISO31000 risk-based approach. Part 2 will address how to effectively model asset risk in complex systems.

Asset Management
Asset Management

Asset Management: Concepts and Practices

Asset Management: concepts & practices by John Woodhouse, Managing Director, TWPL

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