In looking at these two assets for this utility, the chlorinator is much more critical than the piece of pipe. If all assets are viewed in this way, an analysis can be done to determine the criticality number for each asset and then the results can be compared to see which assets are more critical than others.
Once an analysis of this type is done, the results can be reviewed to determine if they make sense to the utility. If the utility personnel do not believe the results for a particular asset make sense (i.e., the asset seems to have the wrong relative ranking), a re-evaluation can be completed until reasonable results are achieved.
When the risk assessment for each asset has been completed, a graph showing the risk for each asset is a useful tool to quickly see which of the assets is most critical. Plotting the risk number on a graph with probability of failure on one axis and consequence of failure on the other axis is the easiest way to accomplish this. The graph can be divided into four categories of risk, as shown on the risk matrix (or "quad chart") below.
Once an analysis of this type is done, the results can be reviewed to determine if they make sense to the utility. If the utility personnel do not believe the results for a particular asset make sense (i.e., the asset seems to have the wrong relative ranking), a re-evaluation can be completed until reasonable results are achieved.
When the risk assessment for each asset has been completed, a graph showing the risk for each asset is a useful tool to quickly see which of the assets is most critical. Plotting the risk number on a graph with probability of failure on one axis and consequence of failure on the other axis is the easiest way to accomplish this. The graph can be divided into four categories of risk, as shown on the risk matrix (or "quad chart") below.
