Application of Asset Risk Based Common Methodology to Water Industry Assets

Application of Asset Risk Based Common Methodology to Water Industry Assets

Amount awarded: £50,000

Led by: EA Technology

Asset engineers need to keep the assets they manage in a safe, reliable condition at the lowest possible cost. This project will deliver a common framework of definitions, principles and calculations for the assessment of asset health, probability of failure, consequences of failure and risk for water assets. Water companies can use this methodology to evaluate asset fleets, by location, region or across their network. They can do this for today or for a future time to see how the risk is changing. This common approach could be approved by the regulator as mechanism by which funding is evaluated.