Modelling Asset Risk (NIA_NPG_006)
Over the last decade Northern Powergrid has developed a suite of condition based risk models. The parameters that drive these decision support tools are now relatively stable and the functionality well embedded into key internal business processes. The models contain high levels of inherent complexity and uncertainty, in particular associated with the subjectivity of input data (condition bands and weightings) and forecasting model error.
The overall objective of the project is to provide an enhanced modelling platform for carrying optimised intervention modelling. The project has delivered a tool which standardises decision-making across a range of asset categories, handled from within same model allowing risk and costs to be assessed comparably. It has delivered a step change improvement to how business is able to identify, prioritise, cost and schedule interventions with an established link to underlying engineering policies.
Timescales: 09/2015 - 09/2016