Financial Risk Optimization for Run/Repair/Replace Timing

Plant component run, repair, or replace decisions are often tough calls. Plant owners need unit reliability, but are pressured by aging equipment and available repair/replacement budgets. This SI Webinar offers a different approach to financial risk optimization (FRO), using financial/decision analysis methods already employed by corporate financial planners. The presentation includes a comprehensive overview of FRO; how to determine high-risk components using failure history data and plant personnel interviews; how to estimate probability of failure v.s. time from history data and interviews; incorporation of probabilistic remaining life analysis results after component inspection; the structure of a risk-based methodology that optimizes run/repair/replace timing to minimize risk; and determination of highest-risk-driving components and how they affect run/repair/replace decisions.

Presented on: September 24, 2008

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