Integrated Approach to Optimize the Economy of the Asset Life Cycle

Basic Concepts, Applications, and Benefits of the Asset Life Cycle 

• Introduction to asset life cycle economic analysis
• Concept, applications, and benefits
• Introduction to risk and reliability      

On the first day, participants will learn about the basic concepts, application, and benefits of the asset life cycle.  Participant will be introduced to risk, reliability, and uncertainty, along with the deterministic and probabilistic models.  The integral reliability implementation steps, disciplines, and methodologies and its effect on the asset life cycle will also be covered on this day.

Statistics for Risk and Reliability Analysis 

• Statistics analysis methods
• Use of software
• Sensitivity analysis      

The focus of the second day will be to teach participants about the statistics for risk and reliability analysis.  Population statistics will also be discussed along with how to solve mathematical models using commercial software.  The Monte Carlo simulation will also be covered on this day.  The day will end with participants learn about probabilistic dependence and sensitivity analysis.

Uncertainty Management 

• Sources of data for reliability analysis
• Combining different sources of data
• Principles of sub-surface risk analysis       

Day three will begin with teaching participants about uncertainty management.  The day will continue into specific sources of data for reliability analysis.  This will include evidence, expert opinions, and generic data.  The day will end with participants learning about the principles of sub-surface risk analysis.

Principles of Production Processes Reliability Analysis 

• Methodologies for reliability calculations       
• Analysis for non–repairable items
• Analysis for repairable items
• Forecasting failures and availability

The principles of production processes and reliability analysis will be the focus of day four.  Participants will learn about the basic terms and key performance indicators.  The analysis for both non-repairable and reparable items will be discussed.  The day will end with participants learning about system analysis, as well as the Reliability, Availability, and Maintainability (RAM) analysis.

Economic and Risk Analysis

• Principles of economic analysis 
• Principles of Risk Analysis 
• Risk based asset economic life cycle analysis        

On the last day, participants will learn about economic and risk analysis.  The principles of risk analysis that will be covered include risk concepts and analysis, dimensioning risk, and Quantitative Risk Analysis (QRA).  The risk based asset economic life cycle analysis will also be covered on this day.