Workshop on Financial Risk Optimization Applied to
Maintenance/Inspection Planning

A Two Day Course
No Date Scheduled

Risk-based methods introduce many engineers for the first time to probabilistic plant component condition evaluation and to combining engineering with financial/decision analysis methods. These both present significant paradigm shifts to most engineers.

The workshop is focused on walking corporate or plant engineers through the probabilistic-decision support paradigm shift so that they can apply provided risk-based tools to specific plant major maintenance planning issues. In addition they will be able to present the results to a financially-oriented decision maker in the form of a financial business plan for maintenance. Familiarity with the tools is achieved by applying the tools to real examples and exercises that expose the participants to the methodology. Each participant receives an ASME Equipment Life Management Handbook with tools for further self study.

The workshop is presented in two one day sessions.

First Day

• Background & Approach
• Determination of Risk Critical Components
  • Risk-Based Screening Methods for NERC-GADS Data
• Development of the Financial Business Case for Maintenance
  • Financial Model Development
  • Decision Analysis Model
• Introduction to the Financial Risk Optimization (FRO)

Second Day

• Review Development of Component Probability of Failure vs Time
  • Weibull Function to Represent the Component History
  • Fitting the Weibull Function to the History
  • Personnel Opinion Elicitation
  • Objectively Combining Data
  • Elements of the Probabilistic Remaining Life Analysis Process
• Producing a Financial Business Plan for Maintenance
  • FRO Input and OperationOptimization
  • Result Interpretation
  • Optimized Timing Drivers

ABOUT THE INSTRUCTOR

David Mauney, an Associate at Structural Integrity Associates received his BS in Mechanical Engineering from Clemson University and his MS in Metallurgy from Georgia Tech. Dave has over 35 years' experience in the areas of fatigue and creep testing and research, failure analysis, remaining life analysis, including probabilistic analysis, and decision/financial analysis for maintenance decisions and prioritization. These experiences were gained at Southwest Research Institute, Carolina Power & Light Co. and ALCOA Research Laboratories. Dave is a co-author of the ASME Development of Guidelines for Risk-Based Inspection of Fossil Fuel Fired Power Plants, and is co-author of the soon to be published ASME Risk Based Applications Handbook on Equipment Life Management. In addition, he chaired the Subcommittee for Inspection Planning for Post Construction Pressure Equipment for the last seven years..

Please contact SI for more information.