Risk based asset integrity indicators

Hassan, MD. Jakiul (2011) Risk based asset integrity indicators. Masters thesis, Memorial University of Newfoundland.

[English] PDF - Accepted Version Available under License - The author retains copyright ownership and moral rights in this thesis. Neither the thesis nor substantial extracts from it may be printed or otherwise reproduced without the author's permission. Download (50MB)

Abstract

Currently, asset integrity is a major concern and presents challenges to the process industry that cannot be ignored. Assessing asset performance is also a difficult task, due to the involvement of versatile tangible, as well as intangible, assets' performance measuring parameters. Monitoring and assessing asset performance through indicators is gaining popularity in several sectors. However, the lack of a comprehensive set of appropriate indicators' development strategy, quantification technique, and measurement cohesion limit the use of an indicator system. To overcome these problems, a hierarchical framework is developed for identifying indicators and monitoring the performance of the asset. The hierarchical structure attempts to characterize the asset and relate it to a company's strategic goal. The hierarchical structure is based on the three major areas of asset integrity, and provides an opportunity to follow bottom-up perspective for identifying multilevel level indicators. This approach uses a risk metric to classify asset integrity, and risk provides a common ground to integrate leading and lagging indicators. The hierarchical structure is followed because the specific indicator results will have no values unless they are linked to the ultimate goal for ensuring asset integrity by measuring asset performance. Similarly, this framework and indicator will have no values unless a mathematical model is used to quantify the risk information. The analytical hierarchy process is used to determine the weight or prioritization of each level indicator and the aggregation of the indicators' outcomes are done depending on the associated risk. This will eventually aid in assessing asset risk based performance. To validate the developed model and to quantify the condition of assets of a process plant a benchmark study is conducted. The estimated index value will determine the condition of the asset based on the performance risk index scale. As a result, the indicator system can provide a comprehensive view on a process plant equipment status and also can lead to the particular consideration of trends requiring attention.

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