A risk based approach to asset integrity management

Abstract

If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -Inspection and maintenance of plant and machinery has traditionally been based on prescriptive industry practices. However, increased experience and a greater understanding of operational hazards is leading sections of industry to take a more informed approach to planning inspection and maintenance, targeting resources to reduce the risk to as low as reasonably practicable. The purpose of this paper is to present an approach to asset management to minimize risks in the most cost effective way. Design/methodology/approach -The approach shown optimizes run-repair-replace decisionmaking in the integrity management of assets with the ultimate aim of maximising the impact of money spent on risk mitigation actions. The risk-based approach, as opposed to the more conventional approaches, assesses failure in its wider context by considering not just the likelihood of failure, but also the consequences should the failure event occur. Findings -The risk-based methodology presents a cost-effective way to minimise life cycle costs in the management of assets whilst maintaining reliability or availability targets, and operating within safety and environmental regulation. Practical implications -In this paper, for demonstration, a wind turbine system consisting of a number of components including structural components is used. However, the methodology can be extended to any system in which components can be analyzed to provide the required inputs to the risk model. Originality/value -At a time when competitive pressures force asset managers to prioritize their maintenance, the risk-based methodology presented here is a rational, efficient and somewhat flexible way to asset integrity management.

Challenges in the application of DCVG‐survey to predict coating defect size on pipelines

“…The regression techniques for prediction of corrosion damage must be viewed as complementary to other techniques such as Bayesian belief networks . A pipeline integrity management approach may have inputs from elements of an ECDA approach, physics based corrosion models, structural reliability models such as in , and risk based decision support models that include the impact of consequential failure such as shown in .…”

Critical success factors of risk‐based inspection

“…Thus, decisions regarding inspection, repair, maintenance, and replacement are among the decisions that have to be made in managing assets. Traditionally, a range of practices such as prescriptive time-based, condition-based approach, reliability centered maintenance, and reactive maintenance have been applied in making these decisions [66]. However, at this time with the increasing advancement of assets complexity and innovation, a more flexible and advance management technique is required.…”

Untitled

“…Whilst there will remain the need of traditional approaches to asset reliability management, more advanced approaches such as risk-based maintenance is being introduced to provide flexibility in the management of assets without comprising reliability on the basis of identified measure if risk. There are standards or guidance documents to implement these approaches such as API 580 and API 581 [7].…”