Risk-based decision making support

DNV’s risk-based decision support and data utilisation services provide an asset health dashboard to identify and prioritise asset maintenance / replacement

Based on an asset health indexing approach, we provide asset managers in transmission and distribution companies with a clear, transparent dashboard for risk-based decision making. This allows you to identify, prioritise and select the appropriate maintenance and replacement decisions for short, medium and long term planning.

Managing data to make the right decisions
Asset populations around the world are ageing. This increases the probability and frequency of failures, affecting reliability, safety and financial risks.

In this context, making maintenance and replacement decisions can be a real challenge – especially when you have a large number of assets, a limited budget and/or limited resources. Furthermore, the growing stakeholder demands on safety, reliability, environmental impact and financial results call for well-founded and transparent decisions.

To make those decisions, you need trustworthy information on asset health, remaining life and the likely impact of failure. But when dealing with a significant number of assets, this information can be extensive and is frequently incomplete.

Moreover, this information needs to be carefully managed, thoroughly analysed and clearly presented, so the right actions can be identified and prioritised. That’s where our decision support and data utilisation services help.

Risk-based decision making
We guide asset managers through the process of risk-based decision making. This begins by collecting all the required information, before carrying out a structured decision process based on clearly defined health and risk criteria. The process is based on our own in-house methodology, supported by an Asset Health and Risk model involving statistical, usage- and condition-based analytics, as well as failure impact and economic analysis.

The Asset Health Index and risk methodology combines in-depth technical knowledge and worldwide experience to identify the asset health, together with modern up-to-date risk analysis, aligned with the PAS 55 risk based asset management philosophy.

Services available

• Collecting asset information via questionnaires, interviews, document reviews, field visits and condition assessments
• Organising workshops to fine-tune goals, the decision process, criteria, methodology and tool requirements
• Implementing the methodology and tool, including providing decision-making algorithms and settings, and recommended practices
• Training management and users to operate the tool and improve the internal process and methodology
• Full report of the analysis exercises with the implemented methodology and action triggers, including recommendations for future improvement or expansion
• Long term service contracts, providing tool updates and operational support