What is risk-based maintenance all about!!!

Let’s know what risk based maintenance actually means

Risk-based maintenance is a concept which prioritizes maintenance of resources toward the assets which are suppose to carry the most risk if they were to fail. It is a method for understanding the most money-friendly use of maintenance resources. This is done in order to make sure that the maintenance effort across a given facility is optimized to minimize any possible risk of a failure.

There are two main phases on which risk based management works:

1. Risk assessment
2. Maintenance planning based on the risk

The priority of is based on risk of failure when it comes to maintenance type and frequency. It is very obvious that assets that have chances to encounter greater risk and greater consequence of failure are monitored & maintained on a more frequent basis. Assets that have a lower risk tendency are often given less intense maintenance programs. Following and implementing a risk-based maintenance procedure would mean that the total risk of failure that can be caused is minimized to the least possible value across the facility in the most money-friendly manner.

The monitoring & maintenance plans & procedure for all high risk assets are absolutely a condition-based maintenance process.

What are the most suited applications?

Risk-based maintenance is a very suitable type of strategy for any maintenance program. As an exceptional method, it gives a systematic approach to evaluate the best possible asset maintenance program. Once all the maintenance plans are implemented, the risk of asset failure reduces to the lowest possible value.

The risk-based maintenance framework is completely applied to each and every system in a facility. A system like a high-pressure vessel, that type of system will have many neighboring systems which would pass the fluid to & from the vessel. The possible failure modes of the system are the first one to be determined. After that a general risk-based maintenance framework is often applied to each risk.

Collecting Data

For every known risk, all the data needs to be collected at a single point. This may include information that we have about the risk, its possible consequences and the all the methods used to evaluate and predict the possible risk.

Risk Evaluation

At the stage when we can evaluate the risk, both the probability of the risk and their consequence are quantified in terms of the facility which is under consideration.

Rank Risk

Once the risk evaluation is complete, the consequence and the probability are combined to find out the total possible risk. This total possible risk is ranked against pre-decided levels of risk. As an eventual result, the risk is either accepted or unaccepted.

Creating a plan for inspection

If the eventual risk is unaccepted, a plan is eventually understood to inspect the system using a condition monitoring approach or if it is more cost friendly or not and also to make sure that it is technically feasible to have a preventative maintenance plan or not.

Propose mitigation process

Once we reach at this stage the proposal for understanding the risk, using all sort of condition monitoring and maintenance methods are prepared.

How to assess the risk

Assessing what can be the possible reason or the possible risk of failure is one of the most important parts of risk based maintenance. The more perfectly this is done, the better the risk based maintenance results will be.

There is no one particular method for assessing such kind of risks. Qualitative, quantitative and semi-quantitative methods are often used to mitigate the possible risks that may exist. To predict the relevance of these risks, many methods that are used also include deterministic and probabilistic methodologies.

Conclusion

It is quite evident that risk based management is one of the most vital parts of the industrial management. If you think that you can omit any risk like that, well we would have to admit that’s not possible. A proper risk based management methodology would help you save millions

If you are looking for more information on this topic click here now.