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Type: State Conferecne Podcast Presentation
Title: Asset Degradation Modelling at Townsville Water by Sen Vigneswaran
Authors: Vigneswaran, Senduran
Tags: Waste Water;Asset Degradation;ISO 55000 Standard
Issue Date: 2016
Publisher: Institute of Public Works Engineering Australasia Queensland
Abstract: The ISO 55000 standard for Asset Management states that the effective control and governance of assets by organisations is essential to realise value through managing risk and opportunity, in order to achieve the desired balance of cost, risk and performance. Townsville Water must understand asset condition, risk, and life cycle costs of its assets to improve asset renewal decision making and achieve sustainability in business performance. Townsville Water faces the challenge of managing the on-going deterioration of numerous assets, utilised to supply water and collect and treat wastewater. Townsville Water has many asset types with different time scales of deterioration, being affected by a vast array of environmental and operational context and having differing impacts on the operations and budgets. To achieve excellence, Townsville Water undertakes a formal asset management program that incorporates a comprehensive asset maintenance strategy, including the assessment of asset condition and risk to make informed long term asset renewal decisions. Physical degradation indicators are observed and recorded from maintenance and inspection activities. The condition threshold is determined by assigning a relative weighting to each degradation indicator and a frequency of failure score. This weighting and frequency of failure score is assigned through a collaborative approach by Engineers, Designers, Operators, and Maintenance Technicians. The degradation models synthesize the data associated to asset attributes with collected degradation indicators to derive a condition rating (CR) of each asset. Finally, Renewal Rating (RR) of each asset is calculated by incorporating Overall Risk Rating (ORR), Life Cycle Cost Rating (LCCR) and Future Upgrade Rating (FUR) into asset degradation models. This renewal rating of each asset is considered for renewal prioritisation process for allocation of funding to achieve the desired balance of cost, risk and performance. This paper will discuss how degradation models are compiled to derive the asset condition rating for various asset types in Townsville Water; and how the renewal rating is calculated by balancing risk, cost and performance in asset renewal decision making for Townsville Water.
Description: Podcast
Appears in Collections:2016 IPWEAQ Annual Conference Proceedings (PODCASTS)

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