Providing equipment ranking based on potential impact on Safety, Environmental and Business processes.

 

The potential problem industry is faced with, is that of quantifying the frequency and consequence of a failure to an asset.

 

Criticality can be expressed mathematically as:

 

Criticality = frequency of failure x consequence of failure

 

By establishing a reasonable worst case consequence and potential high cost scenarios and performing a criticality analysis, PI Asset Integrity Ltd are able to determine which failed components could significantly impact operational safety, environment or production.

 

The output of the criticality process is a mapping of the business risk that each of the assets is operating under, so as to focus and align the resources in support of what matters most.