A resilience-based asset management strategy approach using the analytical hierarchy process

A. Karar*, A. Labib, D. Jones

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Business fluctuations and pandemics such as COVID 19 have revealed the need for more resilient approaches and processes in the asset management domain. This research aims to design an asset management strategy approach that absorbs the fluctuations in the business environment and sustains asset performance at optimum cost and acceptable risk. The paper proposes a resilience-based Asset Management Strategy (RAMS) approach that employs the analytical hierarchy process (AHP) to translate the different operating context parameters into risk aspects with relative weights that differ from one scenario to another. Then, RAMS uses these risk dimensions to assess the criticality in an agile approach at the failure mode level up to the business level for the dominant scenarios. The suggested approach showed apparent flexibility demonstrating the risk line of sight from the failure mode level to the unit level and enabled the seamless update of the asset’s risk assessment in response to the operating context changes. RAMS approach introduces the nested criticality grid (NCG) concept, where the reoccurrence of a failure mode increases its risk and subsequently raises the asset, system and unit criticality.

Original languageEnglish
Title of host publicationProceedings of the 8th International Symposium on Reliability Engineering and Risk Management, ISRERM 2022
EditorsMichael Beer, Enrico Zio, Kok-Kwang Phoon, Bilal M. Ayyub
PublisherHorizon Research Publishing
Pages546-553
Number of pages8
ISBN (Print)9789811851841
DOIs
Publication statusPublished - 7 Sept 2022
Event8th International Symposium on Reliability Engineering and Risk Management, ISRERM 2022 - Hannover, Germany
Duration: 4 Sept 20227 Sept 2022

Conference

Conference8th International Symposium on Reliability Engineering and Risk Management, ISRERM 2022
Country/TerritoryGermany
CityHannover
Period4/09/227/09/22

Keywords

  • Analytical Hierarchy Process
  • Asset Strategy
  • Criticality
  • Maintenance
  • Resilience-based

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