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This study suggests a method for calculating the benefits of water pipe renewal based on an estimate of the water supply suspension risk. The proposed method based on five benefit items is more direct and specific than other benefit estimation methods. In addition, a methodology evaluating the economics of pipe renewal based on pipe failure rate is proposed for estimating the optimal renewal point from an economic perspective. By estimating the optimal renewal period based on a yearly benefit cost ratio per pipe in a case study area, it was possible to draft an optimal renewal plan for the subject region from an economic perspective. Compared with other methodologies, a reasonable optimal renewal period was derived from an economic point of view. The result of this study may be used to develop future water pipe renewal plans. Moreover, the proposed methodologies and results derived from this study can be applied to asset management plans.

In the Republic of Korea, multi-regional water supply pipelines were intensively laid during the rapid economic growth period; however, these pipelines are now aging. The cost of renewal of the aged pipelines would be enormous. Therefore, limited resources need to be distributed effectively in accordance with the priority of renewal. In this study, the risks involved in the multi-regional water supply pipeline of region K were calculated and assessed for setting the priority of renewal. The probability of failure of the pipeline was calculated through a quantification theory, and the effects of failure on the water supply pipeline were calculated by interpreting a pressure driven analysis. The risk considering the probability and consequence of failure comprehensively was found to be the largest at section A12. Three alternatives were considered for risk reduction, and the effect of each alternative on the risk reduction was analyzed. As a result, the construction of double piping by laying a new pipeline was found to be the most effective measure for risk reduction. The results of this study can be utilized as the basic data for establishing an investment plan for the renewal of the water supply pipeline and asset management plan.

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